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This chapter is from the book

This chapter is from the book

Issuing Discounts

If you offer discounts to your customers, you can record that information on a separate Discounts & Credits screen in QuickBooks. There are three types of discounts you can issue—sales discounts that you enter on a customer’s invoice, early payment discounts recorded automatically for customers who pay within a specified time period, and company-wide discounts such as when your company has a clearance sale on excess inventory items. The first two types of discounts are discussed here. Company-wide discounts are discussed in the “Adjusting the Price of Inventory” section of Chapter 14.

Enter a Sales Discount on an Invoice

  • orange_circle_1.gif Press Ctrl+I to open an invoice.
  • orange_circle_2.gif Enter the relevant customer information and a description of the items this customer is purchasing.
  • orange_circle_3.gif Enter Discount in the Item section.
  • orange_circle_4.gif Add a description of the discount, or revise the description that appears.
  • orange_circle_5.gif Enter the percent or exact amount of the discount. Enter the percent or amount as a positive number—QuickBooks automatically changes the discount to a negative for you. If you enter a percent, the discount is calculated based on the item on the line above.
  • orange_circle_6.gif Save the invoice.

Enter a Discount for Early Payment

  • orange_circle_1.gif Select Customers, Receive Payments.
  • orange_circle_2.gif Enter the customer’s name.
  • orange_circle_3.gif Verify the date on which the payment is received.
  • orange_circle_4.gif Enter the amount received.
  • orange_circle_5.gif Click the invoice to which you want to apply a discount.
  • orange_circle_6.gif Click Discount & Credits to open the Discount & Credits window.
  • orange_circle_7.gif Confirm the discount amount as computed by QuickBooks, and make any necessary changes.
  • orange_circle_8.gif Verify the account to which the discount will be charged.
  • orange_circle_9.gif Click Done.
  • orange_circle_10.gif Check off the invoice(s) being paid.
  • orange_circle_11.gif Note that the discount has been applied.
  • orange_circle_12.gif Save the customer payment screen.
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