Product Update 416: Reseller discount general ledger accounts introduced

Discount amounts were previously recorded to the general ledger account defined for the item. An enhancement has been introduced whereby you can now have the financial entries of the discount amounts recorded to the discount general ledger account defined for the reseller, instead of the one defined for the item. This is applicable only to invoice debtors of the Reseller type and when Gross is selected at Journalise amounts at System ➔ General ➔ Settings, under Invoice settings.

New field introduced

You can define the account to which the financial entries of the discount amounts are recorded at the new Reseller Discount account field. This field has been added to the Items (under the Financial tab) and Item groups (under the Basics tab) screens, as displayed in the following:

At this new field, you can select a profit & loss general ledger account with the Revenue account or Neutral account type, or a balance sheet account with the Neutral account type. It is possible to define the same account as the one defined at the Discount account field.

When the Reseller Discount account field in the Item groups screen is updated, the following message will be displayed:

You can opt to have the account defined to be updated to all the items, which do not already have an account defined at the Reseller Discount account field but linked to this item group, by clicking Yes on the message.

The Reseller Discount account field will only be enabled when Gross is selected at Journalise amounts at System ➔ General ➔ Settings, under Invoice settings.

Exporting and importing items

The Reseller Discount account tag has been included in the Items XML file to facilitate the exporting or importing of items with the reseller discount account details.

Deferring revenue of sales invoices or credit notes

If a general ledger account is defined at the Reseller Discount account field, when deferring the revenue of sales invoices or credit notes where the invoice debtor is a reseller, the discount amounts will be deferred and recorded to the account defined.