My company given discount for customer who achieve yearly sale target.
What is the accounting entry to record the entry and what GST code to use.
Do I need to issue Credit Note? Please advise. Thank you.
The accounting double entry is :
DR. Discount Allowed – SR
CR. Customer – OP
CR. GST Output Tax Payable
Yes you should issue credit note to your customer and tax code is SR.
Thank you for the reply.
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