How To Apply Early Payment Discounts In Quickbooks

October 6, 2020 Bookkeeping

To discount by a different percentage, enter the percentage discount in the Discount % field. To save the item into the “Item List” after creating the “Discount” item, click the “OK” button. Select the account you use to track discount amounts from the “Account” drop-down. Then enter either the percentage or amount of the discount into the “Amount or %” field. Enter a description of the discount to show in sales forms into the “Description” field.

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Once created, these can be applied in one of two ways. Discount items are only applied to the item in the line directly above them. Discounts can be applied against singular items, or against all items in an invoice by utilizing the subtotal item before the discount is added. This works because first the discount, which still only applies to the line above it, is placed after a subtotal of all items. If you need to go back later and add more items to the invoice, the subtotal will automatically update as will the corresponding discount. To apply a discount against all items in an invoice, you first have to add a line to subtotal all items in an invoice.

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A customer discount is a specified percentage off defined on the customer’s record and suggested on all sales to the customer. Customer discounts are given as item discounts against the active price level; they reduce each item on the sale by the specified percentage. To create Discount items in QuickBooks Desktop Pro, open the “Item List.” Then click the “Item” button in the lower-left corner of the list window. Then select the “New” command from the pop-up menu to open a “New Item” window. In the “New Item” window, select “Discount” from the “Type” drop-down. Then enter a name for the discount into the “Item Name/Number” box. If the discount is a subitem of another discount item you created, check the “Subitem of” checkbox.

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QuickBooks Desktop accounting software includes QuickBooks Pro, Premier, and Enterprise products. QuickBooks offers users remote hosting for an additional per-user monthly fee. Ask your CPA about proper discount account coding for your business if you’re unsure. For example, financial accounting QuickBooks may automatically code a customer’s early payment discount as a credit to other income. Your accountant may think that early discounts on inventory purchases should be credited to the purchases account instead, which reduces the cost of goods sold .

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The new lower balance appears in the Open Invoices report. If the customer has earned the early payment discount, enter the discount percent as a number without the percent sign. (Look for the box with a drop-down menu choice for Discount Percent just above the Total amount line on the invoice).

Suppliers offer an early payment discount to customers when they want to collect their accounts receivable quickly. Other names for this type of discount are a cash discount or a prompt payment discount. QuickBooks Payments allows you to accept credit card payments on your invoices or sales receipts or even accept ACH payments from your customers. We are able to pass on a discounted rate to you on the processing fees. Buy 1 Quickbooks Online Plus subscription at wholesale price.