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Sage 50, 2008 VAT question

Sage 50 general help forum - Free help and support for all general issues
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sig
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Joined: 22 Nov 2008, 20:05

Sage 50, 2008 VAT question

Post by sig » 22 Nov 2008, 20:21

Buy extra beds on credit from Alexandra who offer 10% discount for early settlement – you intend to take the discount.
Full pre discount invoice total is 1157.50.

How should I record this transaction?

I know it is customers>Invoce

I don't know what will be the Net figure, Vat figure, and how do we record the 10% discount?

Thanks for the help :roll:
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brucedenney
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Sage Version: v30 UK/Europe/Africa

Post by brucedenney » 24 Nov 2008, 15:18

Settlement discounts are calculated as being discounted and then interest charged if the prompt payment discount is not taken.

£1000 bed less 10% discount = £900
plus VAT = £157.50
Total £1057.50
Late payment interest (early payment discount £100)
Total £1157.50
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
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sig
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Joined: 22 Nov 2008, 20:05

Post by sig » 24 Nov 2008, 17:04

brucedenney wrote:Settlement discounts are calculated as being discounted and then interest charged if the prompt payment discount is not taken.

£1000 bed less 10% discount = £900
plus VAT = £157.50
Total £1057.50
Late payment interest (early payment discount £100)
Total £1157.50
I can't even say how grateful I am. :cry:

Brucedenney you are my savior.

Cheers MATE.
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