How do you deal with Parcel 2go discounts well the prepaid £100 you buy you get £5.00 free discount how would you add this into your accounts so you can use this credit against other invoices ?Do you class this as a sale/commission into accounts then you can use this against other invoices?
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Follow the steps below:
a. Go to the ‘Petty Cash’ Account (or create a new holding bank account) and click ‘Input New Transaction’, making sure to enter the same date as the original transaction, enter all the details as shown in the example below:
Tagging:
Now, click ‘Tag Me!’ to tag the transaction on the ‘Petty Cash’ account, then select ‘Something else not on this list’, enter ‘Commissions Received’ or ‘Miscellaneous Income’ as the ‘Post to Account’ and finally enter the ‘Description’ and click to ‘Save’:
b. Now click on the supplier’s name ‘Parcel2Go’ to be taken to the supplier’s control panel, from there click ‘More Options’ and then ‘Add Prepayment’:
c. First enter the £100.00 account credit, select the ‘Paid From Account’, the date of the transaction and payment method, if you’re VAT registered and the supplier provided you with a VAT invoice, enter the VAT i.e. 20%, otherwise select ‘No VAT’:
d. Follow step c. above for the £5.00 goodwill credit, although make sure to select ‘Petty Cash’ (or holding account, if created) as the paid from account:
The balance on the ‘Petty Cash’ Account will now be £0, whilst the £5.00 credit from Parcel2go has been claimed as income, when you use the credit on the purchase, the full purchase expense of £105.00 will also be claimed.
But the £5.00 needs to be tagged in Petty cash to be reconciled what do I put for this?I see what you say has worked in getting the credit onto supplier
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@jhanks1170, whilst I mentioned the £5.00 is claimed as income, I take your point and have elaborated on the above guide: