How do I deal with finance subsidies?
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Revision as of 09:15, 28 October 2020 by Katy Kitchen (talk | contribs) (→Allocating a Subsidy to a Unit)
Summary
The following article outlines how to deal with finance subsidies using the " Receipts" option of the Sales Ledger.
You will need to post the subsidy to a nominal centre which is classed as a Profit & Loss - Cost of Sale centre. Please check with your accountant if you are unsure how to classify the code.
More Information
Go to " Sales Ledger Receipts".
- Process the finance payment you have received following this article.
 | You should then be left with a balance against the invoice which agrees to the subsidy deducted by the finance company. |
- Repeat the steps in this article until you reach the [Payment] tab.
- Enter the "date" the subsidy was deducted.
- Enter the unit stock number the subsidy relates to in the "Comment" field.
- Enter your Finance subsidy nominal centre as the "Payment centre".
- Click [Done] and [Accept] to post the payment.
| This clears the balance on the invoice and creates a cost to the business. |
Allocating a Subsidy to a Unit
If you wish to show the subsidy as an expense and therefore cost of sale for units:
- Post the subsidy as an expense against the unit following this article.
 | If your system uses the automatic cost of sales settings, the subsidy will be posted to unit cost of sales when the unit is sold, along with any other expenses for that unit. |
- Post the payment as per the above section but enter 'Z944 - Expense Accruals' as the payment centre.
See also
- How do I reverse a payment on the sales ledger?
- How do I change the method of payment after it has been posted?
- How do I adjust the date on a transaction?
- How do I create a nominal code?
- How do I post expenses against a unit?
- Nominal integration
