Re: [SL] How to apply a discount/credit given to a supplier order?

[<sql...@li...>]

Technically, the credit belongs to the old entity.  But of course  
you've probably already closed the books, filed taxes etc. so...
    Considering the only real impact is the tax etc on the $200  
"profit", I rather suspect you'll find that the value of your time,  
(or your accountant's), handling this the "right" way, far exceeds  
the minor additional expense in taxes if you just enter it in the  
system at the actual cost.
    Just a thought.  :)


Thanks,

Michael


On Jul 12, 2009, at 6:59 PM, sql...@li...  
wrote:

I used to order from a this provider some products through a previous
company account I had with them.

I created a new entity and informed the supplier of this. Instead of
them making me a new account on their end, they just renamed my old one
to keep the history and such.

However in the previous company I had requested I get issued some credit
for some items that arrived bad. They apparently did a whole inspection
that took a while perhaps to get refunded from the manufacturer
themselves. I had totally forgotten about this credit honestly.

The other day I place an order and the representative told me he finally
applied that credit he owed me on my current order invoice.

So now I am not sure how to input this in SL because it really isn't
directly related to my new company.

Should I do a GL transaction to adjust?

For example the supplier invoice reads $200, but after the credit it's
$150. So I do not just want put the cost of the items to be actually
less when I create a vendor invoice, since that would just throw my
profit off by a bit.

What is the correct way to adjust this accordingly? If its a GL
transaction, would I do this backward than traditional?
ie. debit my bank account and credit the account for this item?

If someone can suggest something I would appreciate it.

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