I'm using QB Pro 2006 (CANADIAN), my wife has a small publishing company. She applies a fixed % discount on books sold to the authour and to customers such as resellers, libraries, etc.
Everything has worked out fine as far as day-to-day transactions and remitting the GST return. But now that it's tax time, I realise that the "Discount" account was setup without a Tax Line being assigned.
I assume this is a reduction of the cost of goods sold, but I'm unclear as to which tax line to assign to that account.
Any insight would be appreciated. TIA -A.