Trade discount is one of the main books that many business for sale has applied to be able to promote is the number of goods consumed. The task of accounting, buy-side and sell-side is a must accounting trade discount after completion of the sale. AccNet will help you to understand and grasp the method of accounting in detail each case in this article.
1. Learn about accounting for trade discount
Trade discount is very popular term in the business operations of the business so the accounting trade discount is extremely important. Learn in detail right below.
1.1 trade Discount is what?
Trade discount is business account discount sale listing for the customer to buy in bulk.
Trade discounts other discounts seller, the business and accounting should be noted not to be mistaken.
Discount sales are deductions for the purchase of goods do not meet the standards as goods of poor quality, error specification, outdated,...
1.2 accounting trade discount is what?
Accounting trade discount is the profession of accounting and to perform recording window after completing the purchase, sale with high discount. The accounting is not only important with the seller that the buyer also pay special attention to accounted for right according to law provisions.
2. Account reflects the accounting trade discount according to circular 200 and 133
Account used to account for the discount to be applied according to 2 circular: circular 200/2014/TT-BTC and circular 133/2016/TT-BTC.
2.1 Business use accounts table circular 200
Accounting trade discount for business application table account system according to circular 200 then accounted for in the accounts 521 “The sales deductions”.
Content and structure of accounts 521:
|
External Debt |
|
|
Parties Have |
End of the accounting period, transfer the entire account trade discounts, discounts, sales, revenue returned goods to the account 511 to determine the net revenue of the company. |
2.2 Business user accounts table circular 133
Accounting trade discount for business apply bang system account under circular 133 it accounted into account 511 “sales and service provider”.
Content and structure account 511 “sales revenue and provide services”:
| External Debt |
|
| Parties Have | Revenue sale of goods and products, real estate investment and services of the enterprise in the reporting period. |
3. Accounting trade discount each case details
Accounting trade discount be done in two methods: the Method of deduction and direct method. The specific cases are listed below:
3.1 case business tax declaration according to the method of deduction
3.1.1 Discount on each purchase
Trade discount with each buying goods and services, then on the invoice value-added tax (VAT) recorded sale price was discounted, the VAT, the total value of payments, inclusive of VAT.
Accounting trade discount seller:
Debt 111, 112, 131: the Total amount on the invoice.
There are 511: the Total amount withheld discount (excluding VAT).
There are 3331: VAT deductible.
Accounting trade discount the buyer:
Debt 156: worth of goods do not include tax.
Debt 1331: VAT deductible.
There are 111, 112, 131: the Total amount on the invoice.
3.1.2 Discount according to the number, business number
Case discount based on quantity, sales of goods and services, the amount of the discount will be adjusted on invoice purchase goods and services, of the last time or next month. Includes two cases:
Case 1: the Number of discount smaller amount on the final invoice
Sell-side accounting of the discount as follows:
Debt 111, 112, 131: the Total amount of discount.
There are 511: the Number of sales has discount.
There are 3331: VAT.
Accounting trade discount the buyer:
Debt 156: the Price on the invoice minus discount
Debt 1331: the VAT.
There are 111, 112, 331: the amount deducting the discount.
Case 2: the Number of discount greater than the amount on the final invoice
This case, the accountant should issue a bill adjustment reduced the bill earlier. In it, the bill related 1, 2, 3, 4,...make accounting as usual. For adjustment invoice is accounted for as follows:
Accounting trade discount seller:
Debt 521: the Total amount of the discount (According to the circular, 200).
(Or Debit 511: the Total amount of discount, if circular a 133).
Debt 3331: VAT deductible.
There are 111, 112, 131: the Total amount of discount.
The buyer made accounting as follows:
Performs accounting based on goods trade discount exist in the repository:
- Case goods trade discount still exist in the repository, then record the decrease in inventory value
Debt 111, 112, 331: the Total amount of discount.
There are 156: Decrease in inventory value.
There are 1331: Reduce the tax withheld.
- Case goods discount've sold record the decrease in cost of goods sold
Debt 111, 112, 331: the Total number of discounted cash
There are 632: Reduce cost of goods sold.
There are 1331: Reduce the tax withheld.
- Case discount has been put into use in production, business is recorded cost reduction
Debt 111, 112, 331: the Total number of discounted cash
There are 154, 642: Reduce the cost.
There are 1331: Reduce the tax withheld.
- Case discount was used in the construction of the fundamental attribution reduce the cost of building basic
Debt 111, 112, 331: the Total number of discounted cash
There are 241: Reduce the cost of building basic.
There are 1331: Reduce the tax withheld.
3.1.3 billed after the end of the program
Invoicing after the end of the program, then right accounting invoicing adjust accompanied by lists of goods need to be adjusted, the total amount and the amount of the tax adjustment.
The seller accounting trade discount as follows:
Debt 521: the Total amount of the discount (According to the circular, 200)
(Or Debit 511: the Total amount of discount, if circular a 133).
Debt 3331: the VAT is adjusted up.
There are 111, 112, 131: the Total amount of discount.
The purchaser accounted for as follows:
Done accounting trade discount based on merchandise trade discount exist in the repository:
- Case goods trade discount still exist in the repository, then record the decrease in inventory value
Debt 111, 112, 331: the Total amount of discount.
There are 156: Decrease in inventory value.
There are 1331: Reduce the tax withheld.
- Case goods discount've sold record the decrease in cost of goods sold
Debt 111, 112, 331: the Total number of discounted cash
There are 632: Reduce cost of goods sold.
There are 1331: Reduce the tax withheld.
- Case discount has been put into use in production, business is recorded cost reduction
Debt 111, 112, 331: the Total number of discounted cash
There are 154, 642: Reduce the cost.
There are 1331: Reduce the tax withheld.
- Case discount was used in the construction of the fundamental attribution reduce the cost of building basic
Debt 111, 112, 331: the Total number of discounted cash
There are 241: Reduce the cost of building basic.
There are 1331: Reduce the tax withheld.
>>> Read more about Professional accounting sales
3.2 Business tax declaration under the direct method
If the business tax declaration under the direct method, then accounting trade discount details as follows:
- Accounting of trade discount:
Debt 521: the Total amount of the discount (According to the circular, 200).
(Or Debit 511: the Total amount of discount, if circular a 133).
There are 131: receivable of clients.
- Accounting for sales of goods:
Debt 131: receivable of clients.
There are 511: sales revenue.
The accounting trade discount is a complex task requires high accuracy and precision, especially when have to handle many different cases such as discount on each purchase, the amount of sales or discount after the end of the program. Many businesses have difficulty in the recognition/classification trade discount in accordance with regulations, that led to the accounting mistake, do not sync between the buyer/seller.
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AccNet has instructions on how accounting trade discount details each specific case, hopefully with the above information useful to Businesses and accountants. See more topic the field of accounting at the website AccNet okay.
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