Subject/theme Despite the many years of wide practice and high relevancy of discounts there still are some problems in modern methodology of business life management. For instance, nowadays there are no legislative regulations on the order of discount operations' documentation which leads to practical problems and negative consequences of different kinds, such as tax penalties or even severance of business relations. Purpose/objectives The purpose of this article is to offer an algorithm for proper documenting the company's account and records on discount operations that will allow the participants of the deal to reduce various risks of discount usage. Methodology The article offers analysis of organization's problems of accounting documentation of discount operations that discount-bringer and receiver undergo on the different stages of discount appliance. The article also observes corresponding legal framework, the difference between a "discount" and "waiver of debt", creates the protocol of documentation of discount operations that explains the order of its reflection in accounting records, which is fit for use in the wide range of business entities. Results The algorithm for company's accounting documentation considering discounting operations is created. It involves gradual coverage of all stages of discount appliance with the adherence to instructions concerning the contents of documents that are set up on each of the described stages. The recommendations for rebates supporting primary documentation are explained. Conclusion/significance Algorithm for creating accounting reports concerning discount operation has been devised. The use of this algorithm will allow the participants of a business deal to mitigate different risks in practicing discount operations.
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