Credit Term with Discount Entry Examples, Concept, Illustrations, Sample Help Online
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Concept of Credit Term with Discount
A seller when offers credit terms of net 30 days it means the net amount for the sales transaction is due 30 days after the sales invoice date.
Sometimes companies don’t receive payments from customers on time,inspite of offering credit terms. Therefore, in order to speed up payments the sellers give credit terms that offer a discount to those customers who pay within a shorter period of time. The discount is referred to as a sales discount, cash discount, or an early payment discount, and the shorter period of time is known as the discount period. Suppose the credit term 2/10, net 30 allows a customer to deduct 2% of the net amount owed if the customer pays within 10 days of the invoice date. If a customer does not pay within the discount period of 10 days, the net purchase amount (without the discount) is due 30 days after the invoice date.
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Credit Term with Discount Entry Examples Explanation
let’s understand the concept better with help of an example.
Example: suppose a company X ships $1,000 of goods and the customer returns $100 of unacceptable goods to X within a few days. The customer owes $900. The customer is allowed to deduct $18 (2% of $900) from the net purchase of $900 if it pays within 10 days of the invoice period. The customer will be needed to pay $882 if it is paid within the 10-day discount period.
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