How do we set up a Sales Discounts G/L account that allows us to receive payments with promotional scrip? We regularly offer $20 certificates through a local radio auction. When those discounts are used to pay for part of an existing invoice, I’d like to be able to enter a payment entry & mode of payment of “Sales Promotion”. I defined “Sales Discounts” account either Cash or Bank (i.e. I tried both) in order to define the mode of payment account, and assigned the account to Indirect Expenses or Income (i.e. I tried both). Setup works fine.
What doesn’t work is actually receiving payment. I get this message: “Payment Entry PE-00355: Cost Center is required for ‘Profit and Loss’ account Sales Discounts. Please set up a default Cost Center for the Company.”
I have set up a default Cost Center for the Company.