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  13. (Accounting) Enter cash receipts...

(Accounting) Enter cash receipts with cash discount in system currency

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The following describes the accounting transactions the system creates when you enter a cash order with VAT based items in system currency. In this example cash discount is used.

Prerequisites
Note: This cash receipt is paid with a credit card.

Invoiced quantity 12
Sales price 60.00
Order discount on order header 10%
Cash discount 1% 5%
Cash discount 2% 2.5%
Cost price 25.00
VAT item 25%
The Cash discount field for the VAT handling code on the order line

(The different cash discount percentages are defined in the Terms of payment table)

 Y
The Cash discount deduct field in DIS control file Y

Created transactions

Transaction type Description Amount
Debit		 Amount
Credit		 Calculation/Result/Additional info
870 Sales value Gross VAT   720.00
Sales price * Quantity

60.00 * 12 = 720.00
872 Order discount VAT 72.00  
Sales price * Quantity * Order discount on order header

60.00 * 12 * 0.1 = 72.00
960 VAT output of order lines   153.90
(Sales value Gross VAT – Order discount VAT – Cash discount 1 %) * VAT percentage of VAT handling code

Cash discount amount: (720.00 – 72.00) * 0,05 = 32.40

Order value: 720.00 – 72.00 – 32.40 = 615.60

VAT output of order lines: 615.60 * 0.25 = 153.90

This transaction is the VAT amount for the sales value. Since the Cash discount deduct field in the DIS control file is set to YES, the VAT amount is based on the order value when the cash discount is deducted.
860 Cost of good sold 300.00  
Cost price * Quantity

25.00 * 12 = 300.00

If the cost type is:

    • Standard cost, the cost price is retrieved from the Standard cost field in the Item file
    • Average purchase cost, the cost price is retrieved from the Average cost field in the Item file
    • FIFO, the cost price is retrieved from the oldest active FIFO transaction in the FIFO file.
901 Stock value   300.00
Cost price * Quantity

25.00 * 12 = 300.00

The retrieval of the cost price is the same as described above for Cost of goods sold.
862 Coin adjustment   0.10
Total net sales value in SEK: 720.00 – 72.00 = 648.00

Total VAT amount: 153.90

Total in SEK: 648.00 + 153.90 = 801.90

Invoice total in SEK: 802.00

Coin adjustment in SEK: 801.90 – 802 = -0.10
864 CASH Credit cards 802.00  
The difference between all the amounts in debit and all the amounts in credit.

This is the amount received to the cash box when the customer pays with a credit card.

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