How do I credit a 3rd party 'principal account' with discount

Scenario: You have agreed to pay a 3rd party 'principal account' with the value of discount allowed, but they don't want the transaction to be visible by the sub-dentist accounts.

Method: You credit the principal customer account either by raising a credit note (Action > New Credit Note), or with a Payment Credit (Customer menu > Add payment/credit).

Note: The former is better if any tax is involved as you will reduce your tax liability, otherwise a simple payment credit is sufficient.

You can then either write out a cheque or BACS to 'give them the money'  (Customer menu > Make refund/debit), or you can leave the value as a credit on the account.

If the customer account doesn't already exist in Transactor Desktop as a Principal Account type, create a customer account of type 'Principal Account'.

Note:  If you have a version earlier than v7.08 you will only see 'Principal Surgeon' as the available 3rd party customer type. It's similar but you may wish to rename it to 'Principal Account' in the Control Centre (Advanced > Customer Types, edit Principal Surgeon, change the name to Principal Account). Why? Well just for clarity as not all Principal Accounts are also surgeons, so it's best that if a Principal account is also a practicing surgeon, that he/she gets a separate account, one as type Surgeon, one as 'Principal Account'.


Example of typical Principal Account

Acct Name:  Another Practice Holdings LTD
Acct Type:  Principal Account

date           Code       Description                  DR           CR         BAL
05/05/2017     Credit     BACS receipt                         9000.00    -9000.00
05/05/2017     Credit     Early paymnt disc                    1000.00   -10000.00
05/05/2017     Debit      Transfer to a/c 0220    6500.00                 -3500.00
05/05/2017     Debit      Transfer to a/c 0235    2500.00                 -1000.00
30/05/2017     Debit      Cheque Refund           1000.00                     0.00
             


Also See:

Transactor Help: Receive payments from a principal account



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