Customer discount

system · April 16, 2003, 1:13pm

Ah! The old matching principle.

If $ are material, this would be a reason to record an "allowance for sales
discounts" as a contra A/R account. The balance could be reviewed and
updated periodically (monthly, quarterly, etc.) and any adjustments would go
to sales discounts as a contra revenue account.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com

-----Original Message-----
From: jackiemotz [mailto:jack@...]
Sent: Wednesday, April 16, 2003 12:39 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Re: CUSTOMER DISCOUNT

I KNOW HOW TO SET IT UP I GUESS I WAS JUST WONDERING HOW OTHERS WERE
HANDLING IT. I WANT THE DISCOUNT TO OFFSET MY SALES BUT THE DISCOUNT
WILL COME IN A MONTH PRIOR TO WHEN WE ACTUALLY RECOGNIZE THE JOB SO I
AM CONCERNED ABOUT UNDERSTATING THE REVENUE FOR THAT MONTH! MAYBE I
AM MISSING SOMETHING OBVIOUS HERE THOUGH! I GUESS I WAS MORE
WONDERING HOW PEOPLE SHOW THE DISCOUNTS ON THEIR FINANCIAL
STATEMENTS. DO THEY HAVE A SALES DISCOUNT ACCOUNT THAT OFFSETS SALES?

--- In vantage@yahoogroups.com, "Jerry Boyle" <jboyle@s...> wrote:
> Sales discount GL account is controlled by your product group setup
or, if
> none, then the default in your company configuration.
>
> Jerry Boyle
> Sipco Molding Technologies
> Meadville, PA. 16335
> p 814.724.2243 x53
> f 814.724.2244
> vantage 5.10.132
>
> -----Original Message-----
> From: jackiemotz [mailto:jack@i...]
> Sent: Wednesday, April 16, 2003 10:47 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] CUSTOMER DISCOUNT
>
>
> WE USUALLY DO NOT OFFER EARLY PAYMENT DISCOUNTS BUT WE HAVE A
> CUSTOMER THAT TOOK ONE ANYWAY SO WE ALLOWED IT. I AM CONCERNED THAT
> THE SYSTEM ISN'T SET UP CORRECTLY THOUGH AND I WAS WONDERING HOW
> OTHER PEOPLE DEAL WITH DISCOUNTS, SPECIFICALLY HOW IT HITS THE
> LEDGER. ANY LIGHT THAT ANYONE COULD SHINE ON THIS WOULD BE
> APPRECIATED.

Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/

system · April 16, 2003, 10:47am

WE USUALLY DO NOT OFFER EARLY PAYMENT DISCOUNTS BUT WE HAVE A
CUSTOMER THAT TOOK ONE ANYWAY SO WE ALLOWED IT. I AM CONCERNED THAT
THE SYSTEM ISN'T SET UP CORRECTLY THOUGH AND I WAS WONDERING HOW
OTHER PEOPLE DEAL WITH DISCOUNTS, SPECIFICALLY HOW IT HITS THE
LEDGER. ANY LIGHT THAT ANYONE COULD SHINE ON THIS WOULD BE
APPRECIATED.

system · April 16, 2003, 10:58am

Sales discount GL account is controlled by your product group setup or, if
none, then the default in your company configuration.

Jerry Boyle
Sipco Molding Technologies
Meadville, PA. 16335
p 814.724.2243 x53
f 814.724.2244
vantage 5.10.132

-----Original Message-----
From: jackiemotz [mailto:jack@...]
Sent: Wednesday, April 16, 2003 10:47 AM
To: vantage@yahoogroups.com
Subject: [Vantage] CUSTOMER DISCOUNT

WE USUALLY DO NOT OFFER EARLY PAYMENT DISCOUNTS BUT WE HAVE A
CUSTOMER THAT TOOK ONE ANYWAY SO WE ALLOWED IT. I AM CONCERNED THAT
THE SYSTEM ISN'T SET UP CORRECTLY THOUGH AND I WAS WONDERING HOW
OTHER PEOPLE DEAL WITH DISCOUNTS, SPECIFICALLY HOW IT HITS THE
LEDGER. ANY LIGHT THAT ANYONE COULD SHINE ON THIS WOULD BE
APPRECIATED.

system · April 16, 2003, 11:03am

You can enter the discount amount in the cash receipt entry screen. The g/l
account is defined in the A/R module configuration in the company
configuration.

Just a word of caution. If the customer believes you will always allow the
discount they will continue to do so if they are intentionally take a
discount when none is allowed. It also may have to do with an error in the
setup on their system and a mistake. You may want to contact the customer
to clarify the terms.

Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com

-----Original Message-----
From: jackiemotz [mailto:jack@...]
Sent: Wednesday, April 16, 2003 10:47 AM
To: vantage@yahoogroups.com
Subject: [Vantage] CUSTOMER DISCOUNT

WE USUALLY DO NOT OFFER EARLY PAYMENT DISCOUNTS BUT WE HAVE A
CUSTOMER THAT TOOK ONE ANYWAY SO WE ALLOWED IT. I AM CONCERNED THAT
THE SYSTEM ISN'T SET UP CORRECTLY THOUGH AND I WAS WONDERING HOW
OTHER PEOPLE DEAL WITH DISCOUNTS, SPECIFICALLY HOW IT HITS THE
LEDGER. ANY LIGHT THAT ANYONE COULD SHINE ON THIS WOULD BE
APPRECIATED.

Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/

system · April 16, 2003, 12:43pm

I KNOW HOW TO SET IT UP I GUESS I WAS JUST WONDERING HOW OTHERS WERE
HANDLING IT. I WANT THE DISCOUNT TO OFFSET MY SALES BUT THE DISCOUNT
WILL COME IN A MONTH PRIOR TO WHEN WE ACTUALLY RECOGNIZE THE JOB SO I
AM CONCERNED ABOUT UNDERSTATING THE REVENUE FOR THAT MONTH! MAYBE I
AM MISSING SOMETHING OBVIOUS HERE THOUGH! I GUESS I WAS MORE
WONDERING HOW PEOPLE SHOW THE DISCOUNTS ON THEIR FINANCIAL
STATEMENTS. DO THEY HAVE A SALES DISCOUNT ACCOUNT THAT OFFSETS SALES?

--- In vantage@yahoogroups.com, "Jerry Boyle" <jboyle@s...> wrote:
> Sales discount GL account is controlled by your product group setup
or, if
> none, then the default in your company configuration.
>
> Jerry Boyle
> Sipco Molding Technologies
> Meadville, PA. 16335
> p 814.724.2243 x53
> f 814.724.2244
> vantage 5.10.132
>
> -----Original Message-----
> From: jackiemotz [mailto:jack@i...]
> Sent: Wednesday, April 16, 2003 10:47 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] CUSTOMER DISCOUNT
>
>
> WE USUALLY DO NOT OFFER EARLY PAYMENT DISCOUNTS BUT WE HAVE A
> CUSTOMER THAT TOOK ONE ANYWAY SO WE ALLOWED IT. I AM CONCERNED THAT
> THE SYSTEM ISN'T SET UP CORRECTLY THOUGH AND I WAS WONDERING HOW
> OTHER PEOPLE DEAL WITH DISCOUNTS, SPECIFICALLY HOW IT HITS THE
> LEDGER. ANY LIGHT THAT ANYONE COULD SHINE ON THIS WOULD BE
> APPRECIATED.

system · April 16, 2003, 1:07pm

I could email you a group edit list from "Cash Receipts Entry" showing the
accounts involved in this transaction. Let me know if this would be
helpful?

James Martin
ETI - AVT, Inc.

-----Original Message-----
From: jackiemotz [mailto:jack@...]
Sent: Wednesday, April 16, 2003 10:39 AM
To: vantage@yahoogroups.com
Subject: [Vantage] Re: CUSTOMER DISCOUNT

I KNOW HOW TO SET IT UP I GUESS I WAS JUST WONDERING HOW OTHERS WERE
HANDLING IT. I WANT THE DISCOUNT TO OFFSET MY SALES BUT THE DISCOUNT
WILL COME IN A MONTH PRIOR TO WHEN WE ACTUALLY RECOGNIZE THE JOB SO I
AM CONCERNED ABOUT UNDERSTATING THE REVENUE FOR THAT MONTH! MAYBE I
AM MISSING SOMETHING OBVIOUS HERE THOUGH! I GUESS I WAS MORE
WONDERING HOW PEOPLE SHOW THE DISCOUNTS ON THEIR FINANCIAL
STATEMENTS. DO THEY HAVE A SALES DISCOUNT ACCOUNT THAT OFFSETS SALES?

--- In vantage@yahoogroups.com, "Jerry Boyle" <jboyle@s...> wrote:
> Sales discount GL account is controlled by your product group setup
or, if
> none, then the default in your company configuration.
>
> Jerry Boyle
> Sipco Molding Technologies
> Meadville, PA. 16335
> p 814.724.2243 x53
> f 814.724.2244
> vantage 5.10.132
>
> -----Original Message-----
> From: jackiemotz [mailto:jack@i...]
> Sent: Wednesday, April 16, 2003 10:47 AM
> To: vantage@yahoogroups.com
> Subject: [Vantage] CUSTOMER DISCOUNT
>
>
> WE USUALLY DO NOT OFFER EARLY PAYMENT DISCOUNTS BUT WE HAVE A
> CUSTOMER THAT TOOK ONE ANYWAY SO WE ALLOWED IT. I AM CONCERNED THAT
> THE SYSTEM ISN'T SET UP CORRECTLY THOUGH AND I WAS WONDERING HOW
> OTHER PEOPLE DEAL WITH DISCOUNTS, SPECIFICALLY HOW IT HITS THE
> LEDGER. ANY LIGHT THAT ANYONE COULD SHINE ON THIS WOULD BE
> APPRECIATED.

Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/

This message including all attachments is the sole property of Electritek Inc. The dissemination, distribution, use or copying of this message or attachments is strictly prohibited without the express written consent of Electritek Inc.

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Customer discount

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