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General Ledger Configuration for Revenue, Tax, and Discounts

Set Up Accurate GL Accounts to Manage Revenue, Tax, and Discount Transactions Seamlessly

PrismERP’s Revenue, Tax, and Discount GL Setup feature enables precise configuration of general ledger accounts dedicated to revenue recognition, tax liabilities, and discount tracking. This setup ensures your financial system correctly categorizes and reports these critical transactions in real time.

🧾 What is Revenue, Tax, Discount GL Setup?​

This functionality allows businesses to assign specific GL accounts for recording revenue, applicable taxes (like VAT or AIT), and discounts given on sales. Automated posting of these entries helps maintain accurate ledgers and financial statements without manual intervention.

📌 Example:​

Sales revenue posts to “Sales Income” GL account, VAT collected posts to “VAT Payable,” and discounts applied post to a “Sales Discount” account, all configured upfront in PrismERP.

⚙️ Key Features​

✅ Dedicated GL Account Assignments Map separate ledger accounts for revenue, tax, and discount transactions.

✅ Automated Posting Integration Transactions automatically post to configured accounts during invoicing and payment.

✅ Support for Multiple Tax Types Configure accounts for VAT, AIT, GST, and other taxes as needed.

✅ Flexible Discount Accounting Track discounts in designated GL accounts for clear financial analysis.

✅ Multi-Branch & Multi-Currency Support Apply GL settings across branches and currencies seamlessly.

✅ Audit Trail & Configuration Logs Maintain full transparency on account setup and changes.

🔗 Integrated With​

  • Sales & Invoice Modules
  • Tax & Compliance Engines
  • Financial Accounting & General Ledger
  • Reporting & Auditing Systems

🚀 Take Control of Your Financial Ledgers​

With PrismERP’s GL Setup for Revenue, Tax, and Discounts, maintain a robust, automated, and transparent financial framework that supports your business growth and compliance needs.