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We resell goods from a supplier, earning a % commission on each sale. Until now, the supplier required us to pay their bill in full, then send them an invoice for our commission on the sale. Moving forward, we are to reduce the supplier bill payment by the amount of the commission. To record this, is it as simple as selecting the bill from Pay Bills, then click Set Discount, enter $ amount and select the Income account?
Hi sevans,
Technically, putting a discount and choosing the income account will work.
You can also create a Vendor Credit, and use it to offset your bill.
To create a vendor vendor credit:
To apply the credit to the bill:
If you have other questions, please let us know.
Thanks. You say "technically" my method will work, but is one more appropriate than the other, in terms of accounting?
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