Discount received and discount allowed

Nizza
Nizza Registered Posts: 9 Regular contributor ⭐ ? ⭐
Where does discount received an discount allowed get recorded in the financial accounts.

Comments

  • jenz496
    jenz496 Registered Posts: 31 ? ? ?
    discount allowed is an expense therefore in the expense part of the p&l.

    discount received is added to gross profit as "other income".
  • Nizza
    Nizza Registered Posts: 9 Regular contributor ⭐ ? ⭐
    Thanks for clearing that up.
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