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

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

Well its not $200 in profit. My COGS is $200. My profit might be only
$25-$50. 
My question is how do I enter this whole "discount" that was given to me
without it affecting the cost of the products I purchased.

For example if I purchased the following:

item 1 = 50
item 2 = 25
item 3 = 10
item 4 = 50
item 5 = 65
credit = 50
subtotal = $200
after credit = $150

Of course I dont have an item called "credit" or what I am asking is how
do I enter that credit for $50.

I can of course pretend the price of all of the items is lower and
somehow make them total to $150, but thats not the right way since it
would affect my reports in COGS, profit, etc.

Say the following:

item 1 = 40
item 2 = 15
item 3 = 10
item 4 = 45
item 5 = 40
credit = will not enter it since we're dropping the price of everything.
subtotal = $150
total = $150

This will in a way solve the problem, but I really do not think this is
the correct way to approach the problem. 

Am I making my point clear, or am I confusing you?


On Sun, 2009-07-12 at 20:59 -0700,
sql...@li... wrote:
> 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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