Payment Terms / Account Postings

Hi All,
I need your help to resolve this issue. I am giving an example here for the scenario.
Original invoice £100.00 plus VAT of £17.50 = £117.50
Customer gets 5% discount for early payment
They pay £117.50 less 5% = £111.62 (ie £5.88 discount)
The discount should be accounted for as £5.00 credit for sales discount + £0.88 VAT
The effect is that VAT is accounted for on the net price, but it needs to go through the system as 2 separate transactions.
The first part, I know is taken care by SKTO condition type which is configured in our poricing procedure. The problem is with the splitting the actual discount and the tax to separate account keys.
Any help on this would be greatly appreciated
Thanks & Regards,
Vidya Sagar

Hi,
The taxes are applied after the net value of the invoice has been calaculated. The point here is that if a cash discount (SKTO) apllies, say 5 % if the invoice is paid within 10 days. At this point the cash discount should account to the actual discount and actual tax coming out of that 5% value.
Thanks & Regards,
Vidya Sagar

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Number of the Invoice the Transaction Belongs to
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HI Vinay,
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Hi A K
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Hi,
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Edited by: sridhar.shetty on Feb 28, 2012 1:21 PM

Payment Terms / Account Postings

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