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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

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

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.

Brucedenney you are my savior.

Cheers MATE.