Applying discounts and taxes to bills in Exacc ensures accurate recording of supplier invoice amounts including negotiated price reductions, early payment discounts, volume rebates, and applicable tax obligations such as GST or VAT. Proper configuration of discounts and taxes ensures bill totals match supplier invoices exactly, supports tax compliance and reporting, and maintains accurate financial records.
Tax codes can be applied at the line item level to accommodate different tax treatments for various goods or services within a single bill. Discounts may apply to the entire bill or individual line items, with options for pre-tax or post-tax discount application depending on supplier terms and local tax regulations. The system automatically recalculates totals when discounts or tax codes are modified.
This guide walks you through opening bills for discount and tax configuration, applying line item tax codes for GST or VAT treatment, adding bill-level discounts for negotiated reductions, configuring line item discounts for specific items, reviewing tax calculations and summaries, and verifying final amounts before saving the bill.
Whether you are recording bills with early payment discounts, applying mixed tax treatments to different purchase categories, capturing volume rebates or promotional discounts, or ensuring tax compliance for international purchases, understanding how to properly apply discounts and taxes ensures accurate accounts payable records, correct tax reporting, and exact reconciliation with supplier invoices.
Follow these steps to apply discounts and taxes accurately to your bills in Exacc
Discounts and taxes have been successfully applied to your bill in Exacc. The bill now accurately reflects supplier invoice amounts including any negotiated discounts and correct tax treatment, ensuring precise financial records and tax compliance.