The difference between a trade discount and a settlement discount
This tutorial aims to explain the difference between a trade discount and a settlement discount, so that you understand how to record a discount when necessary, and so you are able to identify if the discount even needs to be recorded. Everybody likes to receive a discount, so if you are the one receiving the discount, or you are the one granting the discount to ensure repeat sales; it is necessary to know when it needs to be recorded, how to go about recording it, and which journal the transaction will be recorded in.
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