How does Ascend handle Product Discounts and Non-Recovered Tax?
Let’s suppose you had two classes this week, • You sold $300 at each; collected $600 total, and took it to the bank. • At you gave each hostess $50 of free product. • That means $700 of product moved off of your shelf this week—even though you only collected $600 from your sales. Ascend knows in order to replace what you discounted or gave away, you will need additional income into your Inventory and tax Envelopes. After you deposit this week’s sales, you tell Ascend how much (in retail dollars) you discounted or gave away this week. • Gave away $100 Then how much you actually collected/deposited. • $600 collected/deposited With these two questions answered, Ascend calculates the wholesale cost of what you discounted/gave away: • $50 extra is needed in the Inventory Envelope • It transfers the $50 from Profit into Inventory • Makes all the proper documentation on your tax reports and in your checkbook register . At the time, Ascend also figures the Retail Sales Tax of what you discount
