i process discounts by way of journal entries
Dr discount credit account receivable
please see screen shot
it seems the asset part has disappeared
it used to be at the bottom
now only income and expenses are displayed the last item is transport
please advise how to get the assets back
Thank you
Discounts should not be processed with journal entries. When selling at a discount, enter the discount on the line item if a percentage. If a fixed amount, enter it as a separate line with a negative amount and allocate to a discounts expense account.
That notwithstanding, when you make journal entries, the account selection is organized the same way as your chart of accounts, P&L accounts first, then balance sheet accounts. The selection dropdown includes only those accounts for which journal entries are possible, so it excludes cash accounts, automatically generated accounts for billable time, etc.
thank you for your answer
however when i enquired about this subject in September i was told that discount could be done by way of journal entry. the reason for this is that on the customer statement i want the discount to show
please see below screen shots of journal entries where i have debited discount and credited accounts receivable
Here the drop down menus shows the assets and under that is the accounts receivable
The example journal entry was done on 30/10/16
Now when i try and do the same in November the assets do not appear in the drop down menu
Is there another method of doing the discounts so that the discount will show on the statement?
@lesd - My current version is 16.11.75 (downloaded Nov 17) and I “have” Accounts Receivable in the dropdown menu.
Just a question, are you sure for the first screen shot you were in the correct location because the dialog displays are different - Repairs & Maintenance displayed on one line compared to being displayed over two lines
The differences in column widths and text wrapping noted by @Brucanna is because of automatic column width adjustment by the program one a control account has been selected that has subaccounts. That is an attempt to reduce the need for left-right scrolling when entering transactions.
Nevertheless, I have also verified that all expense accounts and Accounts receivable are both available selections when making journal entries. I suggest updating your software again. I am on v16.11.96 and what you ask for is definitely there.