Brewery Discount Statement
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JodieR
Registered Posts: 1,002 Beyond epic contributor 🧙♂️
Previous accounts show a loan to the brewery of £11k and the statement from the brewery shows that the loan is now £8k. There are no actual cash repayments to this loan, it seems to be that each month the outstanding loan is reduced by 5% of the brewery invoices. I'm happy that I need to debit the loan account with £3k for the year, but where does the credit entry go? I'm guessing to the same account which the brewery invoices are coded to, is that correct?
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Comments
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The credit will be against Purchases. This is standard practice to use discounts offered to repay brewery loans0
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Thanks very much!0
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There's no VAT implications of this is there?0
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