I have old Accounts Payable balances that I need to clear off using discount received account. I tried using Supplier credit to move it to Profit and loss account into Discount Received A/c and then link the Discount received with the outstanding balances from the bill. The ledger balances shows 0 and my Profit & Loss account is also credited. However, if i check my Balance sheet, such supplier still shows the outstanding balance of exact amount. though the transaction is there but it seems to be having no effect.
I also tried to use journal to move Trade payable balance to discount received and then link the journal with the bill. Again it does reduce my liability and credit my Profit & Loss account by equal amount. Yet it still shows as open balance in Trade payables for the Supplier though the total liability is reduced by such amount.
I desperately need your expertise.
