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M
magazine in Suffolk
December 27, 2023

recurring invoice / prompt payment discount

  • December 27, 2023
  • 1 reply
  • 0 views

I am not using QBO to its potential after researching what I can and cannot do and need to ask a question over the holidays which QB sales will answer in the new year.

We use the simple module which we know doesnt have recurring invoices and then also prompt payment discount.  We are a small almost not for profit monthly community style magazine and wanted a method of invoicing and preparing figures rather than spreadsheet on google drive, currently paying £14 but really cannot double the payment to get the recurring invoice, We invoice 20 customers the same amount either monthly , 1/4 or annually and a discount is applied for payment by 28th day of month. The problem we have is people pay late and still only pay the discounted figure. Does the prompt payment discount only apply on the invoice up to and including the final day and then clears so it is not applicable ? Is there any way of doing this without doubling our monthly sub to QB? Our monthly DD is due Jan 3rd and would like to try and have some ideas of wether we continue as we are, try and blag one extra feature or switch provider. 

 

    1 reply

    A
    Ashleigh1
    December 27, 2023

    Hello Magazine in Suffolk, thanks for posting on the Community page, so recurring templates are only available on the higher version as for the discount prompt, 

     

    Here's more information on it . 

     

    The prompt payment discount is only applicable if the payment is received on or before the specified due date. Once that due date passes, the discount is no longer available, and the full invoice amount becomes due. 

     

     In QuickBooks Online (QBO), the prompt payment discount is only applicable if the payment is received on or before the specified due date. Once that due date passes, the discount is no longer available, and the full invoice amount becomes due. 

     

    Here's a breakdown of how it works: 

    When creating an invoice: 

    1. You have the option to specify a "Discount" percentage and a "Due Date" for payment.

    2. If you set a discount, it will automatically appear on the invoice as an incentive for the customer to pay early.

     

     When receiving a payment: 

    1. If the payment is received on or before the due date, QBO will automatically apply the discount to the outstanding balance. 

    2. The customer will only be charged the discounted amount. 

    3. The discount amount will be recorded as a separate line item on the invoice, reducing the invoice total. 

     

    If the payment is received after the due date: 

    1. The discount will no longer be available. 

    2. The customer will be required to pay the full invoice amount. 

    3. The discount line item will disappear from the invoice, and the invoice total will reflect the full amount due.

      M
      magazine in SuffolkAuthor
      December 29, 2023

      thank you QB team.  such an increase in cost ( double ) really doesnt warrant paying. shame you can't pick and choose various add ons. For our account it means we may have to look at alternative methods 

       

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