The addition of QuickBooks software discounts to any invoice is practically the same in both the Pro and Premier versions. This discount is normally offered to a customer. However it is important to note that it is not offered by a vendor to any buyer for early bill payment. It needs to be created and then applied directly to the invoice. The following is a step by step guide on how you can best apply the discounts to an invoice.
Opening QuickBooks is the first step. By clicking on the "Lists", "Type" and "Discount", you will be opening your business application. After this, the "Add New Discount" window will immediately pop up.
In case you're planning to offer more than a single type of discount to a client, then you should consider naming the discount with that thought in mind. As an example, one of them could be named as 'senior discount' and the other one as 'Promotional Discount'. The naming should be very simple.
You will then be required to provide the discount's description inside the "Description" box. The description will be visible on the customer's invoice when it is printed out. Make use of names that can be understood easily. Long and meaningless descriptions are not necessary and should always be avoided. The next step is to fill in the amount of the discount to be given. You will be required to click on the "Amount or %" box. An important fact is that QuickBooks makes the assumption that the amount entered is a dollar amount; if you forget to add the % sign at the end of the discount amount. This is an extremely important point to note.
The amount of the discount is supposed to be entered in next. The "Amount or %" box should be clicked on. You should be aware that if you do not add the % sign, QuickBooks automatically assumes that the amount that has been entered is a dollar amount. Therefore you should keep this in mind.
The next important step is the setting up of "Discount Expenses" account. Any discounted deals offered to customers are always considered as expenses to your organization. You should never use the "Discounts" account. The reason is because it is used for the discounts that are offered to you by sellers.
When you notice the warning box popping up to warn you that "Discount Expenses" account does not exist, you should click on the "OK" icon to add it. Then, click the "Expenses" button which is found on the "add New Account" window. After doing this, click "OK" and then return back to the "New Discount" screen and then click "OK" on it and the discount will be saved automatically.
The last step is to include the named discount into the column of the "Item Code" which should be at the very end of the invoice. You will realize that QuickBooks will do the automatic calculation of the dollar amount or the percent figure. Before adding tax, it will also provide the difference between the dollar/percentage amount and the sum on the invoice. Click on "Save and Close" to save the invoice or optionally, you can click on the "Save and New" icon. This way, you will have completed the steps. QuickBooks software discounts are very advantageous and their application helps in a more accurate method of calculating discounts.
Opening QuickBooks is the first step. By clicking on the "Lists", "Type" and "Discount", you will be opening your business application. After this, the "Add New Discount" window will immediately pop up.
In case you're planning to offer more than a single type of discount to a client, then you should consider naming the discount with that thought in mind. As an example, one of them could be named as 'senior discount' and the other one as 'Promotional Discount'. The naming should be very simple.
You will then be required to provide the discount's description inside the "Description" box. The description will be visible on the customer's invoice when it is printed out. Make use of names that can be understood easily. Long and meaningless descriptions are not necessary and should always be avoided. The next step is to fill in the amount of the discount to be given. You will be required to click on the "Amount or %" box. An important fact is that QuickBooks makes the assumption that the amount entered is a dollar amount; if you forget to add the % sign at the end of the discount amount. This is an extremely important point to note.
The amount of the discount is supposed to be entered in next. The "Amount or %" box should be clicked on. You should be aware that if you do not add the % sign, QuickBooks automatically assumes that the amount that has been entered is a dollar amount. Therefore you should keep this in mind.
The next important step is the setting up of "Discount Expenses" account. Any discounted deals offered to customers are always considered as expenses to your organization. You should never use the "Discounts" account. The reason is because it is used for the discounts that are offered to you by sellers.
When you notice the warning box popping up to warn you that "Discount Expenses" account does not exist, you should click on the "OK" icon to add it. Then, click the "Expenses" button which is found on the "add New Account" window. After doing this, click "OK" and then return back to the "New Discount" screen and then click "OK" on it and the discount will be saved automatically.
The last step is to include the named discount into the column of the "Item Code" which should be at the very end of the invoice. You will realize that QuickBooks will do the automatic calculation of the dollar amount or the percent figure. Before adding tax, it will also provide the difference between the dollar/percentage amount and the sum on the invoice. Click on "Save and Close" to save the invoice or optionally, you can click on the "Save and New" icon. This way, you will have completed the steps. QuickBooks software discounts are very advantageous and their application helps in a more accurate method of calculating discounts.
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