Discounts
Blue Onion’s journal entries pages automatically account for discounting throughout the order process.
At the order date:
Order #: | Sale Type: | Sale Amount: | General Ledger Account | Debit | Credit |
3966 | Gross Sale Price | $100.00 | Deferred Revenue - Gross | 100.00 | |
3966 | Discount on Sale | $20.00 | Deferred Revenue - Discounts | 20.00 |
At the revenue recognition date, the discount is then reclassed to the revenue accounts:
Order #: | Sale Type: | Sale Amount: | General Ledger Account | Debit | Credit |
3966 | Discount on Sale | $20.00 | Deferred Revenue - Discounts | 20.00 | |
3966 | Discount on Sale | $20.00 | Revenue - Discounts | 20.00 |