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Dynamics 365 Community / Forums / Microsoft Dynamics SL (Archived) / Discount Taken Entries...
Microsoft Dynamics SL (Archived)

Discount Taken Entries/Postings

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Posted on by Vicky.Patel 140

Can someone please explain me what possible entries happen when i take discount on a voucher paid before discount date. For example, If my Discount terms are 5% if paid before due date and the voucher is for $100.00, when i make the payment before due date the check printed is for $95.00 only and I want to know what happens to the rest $5? what GL is this posted to? I have a variance between my General Ledger and Aging report and the variance is the total of Discount taken in that period. 

My understanding is when i make a payment the total is posted to Cash GL and reduces my Payable GL similarly if i take discount it should be posted to some other GL

Thanks for your time and replies in advance. 

Vic Patel

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  • Verified answer
    Community Member Profile Picture
    Community Member on at

    Hi

    During Voucher (Invoice Booking)

    Dr  Expense                         $100

    Cr  Accounts Payable                      $100

    During Payment before Due date

    Dr Accounts Payable         $100

    Cr Bank                                             $95

    Cr Discount taken                             $5

    Note: Refer the Discount taken account under Accounts Information tab of AP Setup screen

    Hope this helps

    Thanks

  • Verified answer
    Carolyn Kolpien Profile Picture
    Carolyn Kolpien on at

    Hi Vicky,

    Let's say I have a voucher to pay for $100 and the discount is $2. When I pay the voucher and take the discount, you should have an entry similar to:

    Debit AP    $100

    Credit Cash   $98

    Credit Discount Taken  $2

    On my Vendor Trial Balance, I see three line items for this transaction, a VO for $100, a CK for $98, and a DT for $2.

    Can you explain what you are seeing on your aging for one of the vouchers that had a discount taken?

  • Vicky.Patel Profile Picture
    Vicky.Patel 140 on at

    thanks, that explains. we had the default GL for discount taken as Payable GL so it was adding the discount back in aging report. But now its fixed.

  • Community Member Profile Picture
    Community Member on at

    Good to hear

    Thanks

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