How to give customer a discount?

[Andrew Sackville-West]

On Tue, Mar 11, 2008 at 09:54:39PM -0400, Derrick Hudson wrote:
> On Tue, Mar 11, 2008 at 08:17:12PM -0400, Heather J. Daley wrote:
> | 
> | > On Tue, 2008-03-11 at 17:03 -0400, Derek Atkins wrote:
> | >> Process the Payment and then go in and change the account from Asset:Checking
> | >> to Expenses:Discounts.
> | 
> | By the way, what line on US 1040 Schedule C would you put items from 
> | Expenses:Discounts?
> 
> *Disclaimer:* my "qualification" is the ACC 101 class I took at the
> local community college; don't base your filing entirely on what I think!
> 
> 
> Looking at the Schedule C form, I expect Discounts to be part of line 2
> "Returns and allowances".  "Allowance" is more-or-less the same as "Discount".

It might also (IANAA) be appropriate to merely reduce your income by
the amount of discount. If income is the amount of money you recieve,
then the post-discount amount would be income. But then you're not
actually tracking your discounts, which is not very helpful in the
information department. I think for US IRS purposes though, it's
probably okay. THey don't necessarily care what you "ask" people to
pay, merely what they actually do pay. note again, IANAA.

A
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