Discount on purchase

You can enter the discount on sales and purchase in 2 ways in tally 1st method : Press F11 and select inventory features , Select Seperate column on invoice and set enable to Yes (the above will apprear at right side) Now you can find a separate column for disc in sales inv and purchase inv Ex : You are selling a mobile @ 5000/- and allowed disc Rs 500/- to ur clients enter the qty rate as 5000 and enter disc rate as 10% Note : in the above method You can able see the disc rate but not the discount amount This method will effective while taking reports for item wise profit 2nd method : In this method you need to create two ledegrs for disc recd under group direct invocme and discount given under group direct exp ( sales disc) While entering the sale and purchase voucher , first enter the item names , qty , rate and amount after finishing stock item details simply press the enter key once to leave a blank line and select the ledger name Discount given ledger (in sales) and enter the discount amount with (-) value 

Accounting entry:

Purchases A/c Dr.  xxxxxx

   To Discount Received A/c  xxx

   To Bank/Cash A/c             xxxxxx

For how to pass entries in tally follow what  Ms. Jayasri Kolluru has mentioned.

discount received on purchase under group is what?

gain foreign exchange fluctuation on purchase under group what?

DISCOUNT ON PURCHASE IS AN INDIRECT INCOME AND IT IS UNDER INDIRECT INCOME HEAD IN TALLY..

You can adjust the discount amount with the purchase expenses via journal. 

 

Discount received? Sales revenue is nett of it. 

 

So 

Dr. Purchases 100

Cr. Discount received 10

Cr Bank 90

 

Wow I still remember double entries. But there must be additional entrial for tax purposes.