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Former Member
Jan 29, 2012 at 07:22 AM

Cumulative discount received entry posting.


Hi all,

The situation is, our company purchases raw material from a particular vendor. In case the purchases exceed a particular limit (amount) in a year the supplier gives a lump sum discount on all the previous purchases done in the year. this discount amount is received as a cheque which amounts to a few lakh rupees. now the client wants to book this amount as discount received. how do i proceed with the posting of such transaction?? would it be appropriate if i remove the post automatically checkbox for discount received GL account an directly post a Journal entry to the account or is there any other way?? and if we do so wouldn't it be questioned during financial audit.?? Please suggest.


Pritesh Tatar.