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On invoice discount example for HighTech

[Music] the path merchandise travels as it moves from the manufacturer through wholesalers and retailers to the ultimate consumer is known as a channel of distribution or trade channel the businesses that form these channels are said to be in the trade in today's complex economy a number of different trade channels are used to move goods and services effectively let's take a look at calculating the amount of a single trade discount trade discounts are reductions from the manufacturer's suggested list price trade discounts are given to businesses at various levels of the trade channel for the performance of marketing functions these functions may include activities such as selling advertising storage service and display list price is the suggested retail selling price of an item set by the manufacturer or the supplier the original price from which discounts are taken manufacturers print catalogs showcasing their merchandise oftentimes these catalogues contain the manufacturer's suggested list or retail prices businesses in the trade receivables in percent form associated with each item in the catalog by issuing updated price sheets of trade discounts manufacturers have the flexibility of changing the prices of their merchandise without the expense of reprinting the entire catalog trade discounts are sometimes quoted as a single discount and sometimes as a series or chain of discounts the number of discounts is dependent on the extent to which marketing services performed by the channel members the amount of a single trade discount is calculated by multiplying the list price of the trade discount rate so trade discount equals list price times trade discount rate let's take a look at an example what is the amount of a trade discount on merchandise with a list price of $2,800 and a trade discount rate of 45 percent step one multiply the list price by the amount of the trade discount rate the trade discount in this case equals $2,800 times 0.45 which equals one thousand two hundred and sixty dollars a bill of sale or an invoice is a business document used to keep track of these sales and purchases from the sellers point of view they are sales invoices from the buyers point of view they are purchase invoices or purchase orders invoices are a comprehensive record of a sales transaction they show what merchandise or services have been sold to whom in what quantities at what price and under what conditions in terms they vary in style and format from company to company but most contain essentially the same information invoices are used extensively in business and it's important to be able to read and understand them to frequently use shipping terms that you should become familiar with our fo B shipping point and fo B destination fo B means free on board or freight on board these terms define the shipping charges and when the title or ownership of the goods are transferred from the seller to the buyer ownership becomes important when insurance claims must be filed due to problems with shipment when the terms are fo B shipping point the buyer pays the shipping company directly the merchandise title is transferred to the buyer at the manufacturers factory or at a shipping point such as a freight yard or freight terminal from this point the buyer is responsible for the merchandise it's common for the seller to prepay the freight and add the amount to the invoice when the shipping terms are fo B destination the seller is responsible for pre paying the shipping charges to the destination the destination is usually the buyer store or their warehouse unless prices are quoted as delivered the seller then bills the buyer on the invoice for the shipping charges when companies ship and receive merchandise invoices and purchase orders are used to record the details of the action extending an invoice is the process of computing the value in the total or ammount column for each line of the invoice the value in the total or ammount column represents the total dollar amount of each type of merchandise or service being purchased the invoice subtotal is the amount of all items on the invoice before shipping and handling charges insurance and other adjustments such as discounts returns and credits the invoice total is the final amount due from the buyer to the seller here are the steps for extending and totaling an invoice step 1 for each line of the invoice multiply the number of items by the cost per item step 2 add all extended totals to get the invoice subtotal step 3 calculate the invoice total by adding the freight charges insurance and any other charges to the subtotal let's take a look at an example from the following invoice for computer Mart extend each line to the total column and calculate the invoice subtotal in total based on the quantity and unit price will determine the total column you'll see here that shipping costs have already been totaled multiplying the quantity by the unit price we're able to subtotal add the shipping and generate the invoice total the net price is the amount of business actually pays for the merchandise after the discount has been deducted frequently merchants are more interested in knowing the net price of an item than the amount of the trade discount in that case the net price can be calculated directly from the list price without first finding the amount of the discount net price is calculated by subtracting the amount of the trade discount from the list price the list price of an item is considered to be 100 percent for example the trade discount on an item of 40% of list price the net price will be 60 % because the two must equal 100 percent this 60% the compliment of the trade discount rate 100 minus 40% is the portion of the list price that is paid known as the net price factor it's usually written in decimal form the net price factor is the percent of the list price a business pays for merchandise it's the multiplier used to calculate the net price complements are two numbers that add up to 100% the trade discount rate and the net price factor are complements of each other this means that if we know one of them the other can be found by subtracting from 100% here are the steps for calculating the net price step 1 calculate the net price factor complement of trade discount rate net price factor equals 100% minus the trade discount rate step 2 calculate the net price using the formula net price equals list price times the net price factor this procedure can be combined into one step by a formula net price equals list price 100% minus trade discount rate let's take a look at an example calculate the net price of merchandise at astana imports listing for $900 less a trade discount rate of 45% use the formula net price equals list price 100% minus trade discount rate in this case the list price is $900 so then we take 100% minus 45% which is 55 percent and multiply the two getting us four hundred and ninety five dollars the trade discount rate can be calculated by using the formula rate equals portion divided by base the amount of the trade discount is a portion or a numerator and the list price is the base or denominator in the trade discount rate formula trade discount over list price here are the steps to calculating the tray discount rate step 1 calculate the amount of the trade discount remember trade discount equals list price minus net price step 2 calculate the trade discount rate the trade discount rate equals trade discount over list price here's an example sterling manufacturing sells tools to American Gardens supply in a recent transaction the list price of an order was forty seven thousand seven hundred and fifty dollars and the net price of the order was thirty two thousand one hundred dollars step 1 calculate the amount of the trade discount which equals forty seven thousand seven hundred and fifty dollars minus thirty two thousand one hundred dollars for a total trade discount of fifteen thousand six hundred and fifty dollars Sept two the trade discount rate the trade discount rate equals the fifteen thousand six hundred and fifty dollars over the original forty seven thousand seven hundred and fifty dollars to equal point three two seventy seven or thirty two point eight percent remember when calculating the net price by using a series of trade discount you cannot simply add the trade discounts together each discount must be applied to a successfully lower base finding the net price with a series of trade discounts is accomplished by taking each trade discount one at a time from the previous net price until all discounts have been deducted note that you cannot simply add the trade discounts together they must be calculated individually unless the net price factor method a handy shortcut is used trade discounts can be taken in any order although they usually are listed and calculated in decreasing order let's begin with an example of how to calculate a series of trade discounts one at a time calculate the net price and trade discount for merchandise with a list price of $2,000 less calculating the net price and the amount of a trade discounts of 30 20 and 15 then take each trade discount from the previous net price until all discounts are deducted when solving this type of problem I suggest drawing the arrows as you see here to help you understand how to take each trade discount from the previous as a shortcut the net price can be calculated directly from the list price by passing the trade discount by using the net price factor remember the net price factor is a complement of the trade discount rate with a series of discounts we must find the complement of each trade discount to calculate the net price factor of the series the net price factor indicates to buyers what percent of the list price they can actually pay for example if the net price factor of a series of discounts is calculated to be 0.6 6 5 this means the buyer is paying 66.5% of list price here are the steps for calculating net price by using the net price factor step 1 find the complement of the trade discount rates in the series by subtracting each from 100% and converting them to decimal form step 2 calculate the net price factor of the series by multiplying all the decimals together step 3 calculate the net price by multiplying the list price by the net price factor using this formula here's an example the Crystal Gallery purchased merchandise from a manufacturer in Italy the merchandise had a list price of $37,000 less trade discounts of 40 25 and 10 calculate the net price factor and the net price of the order step 1 subtract each trade discount from 100% and convert to decimals multiply all the complements together to get the net price factor the net price factor equals 0.6 times 0.75 times 0.9 for a net price factor totalling point 4 0 5 step 3 calculate the net price by multiplying the list price by the net price factor in this case $37,000 times 0.4 zero five making the net price fourteen thousand nine hundred and eighty five dollars this is known as a single equivalent discount the single equivalent discount is a single trade discount that equates to all the discounts in a series or a chain trade discounts cannot simply be added together here's the logic the list price of merchandise is 100 percent if the net price factor is the part of the list price that is paid then 100 percent minus the net price factor is the part of the list price that is the trade discount the single equivalent discount therefore is the complement of the net price factor 100 percent minus net price factor percent here are the steps to calculating a single equivalent discount step 1 calculate the net price factor as before by subtracting each trade discount from 100% and multiplying them all together in decimal form step 2 calculate the single equivalent discount by subtracting the net price factor in decimal form from one single equivalent discount equals one minus net price factor step 3 find the amount of the trade discount by multiplying the list price by the single equivalent discount trade discount equals list price times single equivalent discount here's an example calculate the single equivalent discount an amount of trade discount on merchandise listing for $10,000 less trade discounts of 30 10 5 step 1 calculate the net price factor as you see here point seven times 0.9 times point nine five equals 0.5 nine eight five step 2 calculate the single equivalent discount one minus point five eight nine five for a single equivalent discount of 0.4 zero one five step 3 calculate the amount of the trade discount trade discount equals ten dollars times 0.4 zero one five for a trade discount of four thousand fifteen dollars the terms of sale are the details of when the invoice must be paid and whether any additional discounts will be offered commonly manufacturers allow wholesalers and retailers 30 days or even longer to pay the bill in certain industries the time period is as much as 60 or 90 days this is known as the credit period this gives the buyer time to unpack and check the order and more important begin selling the merchandise the credit period clearly gives the wholesaler and retailer an advantage they can generate revenue by selling merchandise that they haven't yet paid for to encourage them to pay the bill earlier than the net date or due date sellers frequently offer buyers an optional extra discount over and above trade discounts this is known as a cash discount cash discounts are an extra few percent offered as an incentive for early payment of an invoice usually within 10 to 15 days after the invoice date this is known as the cash discount period the last date for a buyer to take advantage of a cash discount is known as the discount date both buyers and sellers benefit from cash discounts sellers get their money much sooner which improves their cash flow whereas buyers get an additional discount which lowers their merchandise costs thereby raising their margin or gross profit cash discounts generally range from an extra 1 to 5 percent off the net price of merchandise that might not seem significant but it is let's say that an invoice is due in 30 days however a distributor would like payment sooner it might offer the retailer a cash discount of 2% if the bill is paid within 10 days rather than the 30 days if the retailer chooses to take the cash discount he or she must pay the bill by the tenth day after the date of the invoice note that this is 20 days earlier than the due date the retailer is therefore receiving a 2% discount for paying the bill 20 days early here's the logic there are 18 0.25 20 day periods in a year 365 days divided by 20 days by multiplying the 2 percent discount by the 18 point to 5 periods we see that on a yearly basis two percent cash discounts can theoretically amount to 36.5% a transaction with no cash discount would have terms of sale of net 30 this means that the net amount of the invoice is due in 30 days if a cash discount is offered the terms of sale would be written as 2/10 n 30 which means that a 2% cash discount may be taken if the invoice is paid within 10 days if not the net amount is due in 30 days this exhibit shows a timeline of the discount period and credit period on an invoice dated October 15th the 210 and 30 terms of sales stipulate a cash discount if the bill is paid within 10 days if not the balance is due in 30 days as you can see the cash discount period runs for 10 days from the invoice date October 15th through October 25th the credit period 30 days extends from the invoice date through November 14th sometimes to cash discounts are offered such as 3 15 125 and 60 this means a 3% cash discount is offered if the invoice is paid within 15 days a 1% discount if the invoice is paid within 25 days and the net amount due in 60 days cash discounts cannot be taken on shipping charges or returned goods only the net price of the merchandise if shipping charges are included in the amount of an invoice they must be subtracted before the cash discount is taken after the cash discount has been deducted the shipping charges are added back to give the invoice total if arriving merchandise is damaged or is not what was ordered those goods will be returned to the vendor the amount of the returned Goods also will be subtracted from the amount of the invoice they are no longer part of the transaction here are the steps to calculate the net amount due or cash discount of an invoice step 1 calculate the amount of the cash discount by multiplying the cash discount rate by the net price of the merchandise cash discount equals net price times cash discount rate step 2 calculate the amount due by subtracting the amount of the cash discount from the net price note as with trade discounts buyers are frequently more interested in the net amount due than the amount of the discount when that's the case we can simplify the calculation by using the complement method to determine the net amount due net amount due equals net price 100% - the cast discount rate remember shipping charges or return items are not subject to cash discounts these must be deducted from the invoice before the cash discount is applied after the discount is taken shipping charges if any are added back to get the invoice total let's take a look at an example rugs Comm buys merchandise with an invoice amount of $16,000 from cartas and carpet mills the terms of sale are 20 10 and 30 step 1 calculate the amount of the cash discount cash discount in this case would be the $16,000 times point zero two two equal three hundred and twenty dollars next calculate the amount due the net amount due is equal to sixteen thousand minus the three hundred and twenty two equal fifteen thousand six hundred and eighty dollars a partial payment earns partial cast discount credit in this situation we must calculate how much partial payment credit is given here's how it works assume a cash discount of 415 and 45 is offered to a retailer a four percent cash discount means that the retailer will pay 96% of the bill 100 - 4% and receive a 100% credit another way to look at it is that for every 96 cents paid towards the invoice will earn a $1 credit we must determine how many 96 cents are in the partial payment this will tell us how many dollars of credit we receive here are the steps to calculate partial payment credit and net amount do step 1 calculate the amount of credit given for a partial payment by dividing the partial payment by the complement of the cash discount rate partial payment credits equal partial payment over 100 percent minus the cash discount rate step 2 calculate the net amount due by subtracting the partial payment credit from the net price net price du equals net price minus partial payment credit here's an example happy feet a chain of children's shoe stores receives an invoice from a tennis shoe manufacturer on September 3rd with terms 3 20 and 60 the net price of the order is 36 thousand seven hundred dollars happy feet wants to send a partial payment of $10,000 by the discount date in the balance on the net date how much credit does happy feet get for the partial payment what is the remaining net amount due to the manufacturer step 1 calculate the partial payment credit which equals 10,000 over 100 minus 3% which is 10,000 divided by 0.9 7 so the partial payment credit equals 10 thousand three hundred and nine dollars and 28 cents now calculate the net amount du which is equal to 36 thousand seven hundred dollars minus the ten thousand three hundred nine dollars and twenty eight cents for a net amount due of twenty six thousand three hundred ninety and 72 cents when the discount period and the credit period start on the date of the invoice this is known as ordinary dating it's the most common method of dating the terms of sale the last day to take advantage of the cash discount the discount date is found by adding the number of days in the discount period to the date of the invoice for example to receive a cash discount an invoice dated November 8th with terms of two ten and thirty should be paid no later than November 18th November 8 plus 10 days the last day to pay the invoice the net date is found by adding the number of days in the credit period to the invoice date with terms of two ten and thirty the net date would be December 8th November eighth plus thirty days if the buyer does not pay the bill by the net date the seller may impose a penalty charge for late payment let's take a look at an example akka care pharmacy receives an invoice dated August 19th from Bristol drug wholesalers for merchandise the terms of sale are three ten and forty five find the discount date and the net date find the discount date by adding the number of days in the discount period to the date of the invoice which is August 19th plus ten days which equals August 29th step two find the net date by adding the number of days in the credit period to the invoice date so our net date is August 19th plus 45 days which reflects 12 days left in August thirty days in September and three days from October so our net date is October third another name for this dating method is próximo or procs próximo means in the following month for example 210 zom or 210 próximo means that a 2% cash discount will be allowed if the bill is paid 10 days after the end of the month of the invoice this is the case for any invoice dated from the first to the 25th of each month if an invoice is dated after the 25th of the month the terms of sale begin after the end of the following month unless otherwise specified the net amount due is 20 days after the discount date let's take a look at an example you're the shipping manager for world imports let's answer some questions what are the discount date and the net date of an invoice dated March 3rd with terms 3:15 um March 27th with terms of 3:15 um let's take a look step one because the invoice date is between the 1st and the 25th our discount date equals 15 days after the end of March which is April 15th our net date April 15th plus 20 days is May 5th step 2 because the invoice date is after the 25th of the month the discount date is 15 days after the end of April which is May 15th so our net date May 15th plus 20 days equals June 4th receipt of goods dating or ROG dating is a common method used when shipping times our lawn such as with special or custom orders when ROG dating is used the terms of sale begin the day the goods are received at the buyers location with this method the buyer does not have to pay for the merchandise before it arrives as an example 210 ROG as usual the net day is 20 days after the discount date here's an example what are the discount date in the net date for an invoice dated June 23rd if the shipment arrives on August 16th and the terms are 315 ROG step 1 the discount period starts on August 16th the day the shipment arrives so our discount date equals August 16th plus 15 days equals August 31st where our net date is August 31st plus 20 days to equal September 20th with extra X or X dating the buyer receives an extra discount period as an incentive to purchase slow-moving or out-of-season merchandise with this dating method the seller offers an extra discount period to the buyer as an incentive for purchasing slow-moving or out-of-season merchandise such as Christmas goods in July and bathing suits in January an example would be 3 10 60 extra this means the buyer gives a 3% cash discount in ten days plus 60 extra days or a total of 70 days the net date is 20 days after the discount date let's take a look at an example what are the discount date and the net date of an invoice dated February 9 with terms 3 15 40 extra first the retailer has from February 9th to take the cash discount so the discount date equals February 9th plus 55 days to equal April 5th the net date is April 5th plus 20 days to equal April 25th remember when using extra dating unless otherwise specified the net date is 20 days after the discount date [Music]

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