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Serge01
April 20, 2020
Question

It seems crazy given all the automated aspects of QBO one must manually enter discounts received from vendors for early settlement invoice by invoice. What am I missing>

  • April 20, 2020
  • 1 reply
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Original commenter did not share additional details

    1 reply

    BettyJaneB
    BettyJaneB
    April 20, 2020

    Hello there, @Serge01.

     

    I have some insights to share with you on how you can set up discounts in QuickBooks Online so you will no longer enter them manually.

     

    You can turn on the discount feature in the system so you'll be able to apply discounts for your vendor's early settlement.

     

    Here's how:

    1. Click on the Gear icon at the top.
    2. Select on Account and Settings.
    3. Refer to the Sales menu.
    4. Choose Sales form content. 
    5. Put a check-mark on the Discount box. 
    6. Click on Save.
    7. Hit on Done.

    After that, you can now use the discount field in your sales transactions.

     

    To do that:

    1. Press on + New at the left pane.
    2. Select on Invoice.
    3. Add the products and services. 
    4. Select on Discount percentage or Discount value to enter the discount as a percentage or a specific amount.
    5. Enter the amount you want to discount in the discount field.
    6. If you want to discount the total before you calculate sales tax, select the arrow icon next to the discount field.
    7. Hit on Save and send or Save and close.

    You can also use this link as your reference in this set up: Add a discount to an invoice or sales receipt in QuickBooks Online.

     

    Lastly, here are some articles that can guide you in recording customers payments and customizing sales forms in QBO, in case you need them in the future:

    I've got your back if you need further assistance, Serge01. Have a good one!

    S
    Serge01Author
    April 20, 2020

    Thank you so much for this BettyJane - this would have been the next problem I encountered

     

    The problem that I am currently referring to is not discounts allowed to Customers and accordingly captured using the Discount facility on the Invoice, but rather Discounts Received from Vendors / Suppliers at such time that payment is made before a certain date - namely early settlement discount. 

    What I now have is numerous bills captured in QBO  direct from Receipt Bank. When I pay said bills I will be paying a smaller amount than what appears in the Vendor / Supplier account and there will be a balance left over.

    It seems that the only route is to go into each and every bill and add a line for this discount to be received and write this to Discount Received as an Other Income item. It kind of eliminates the amazing use of Receipt Bank in capturing all the bills without a keystroke. Please advise.

    J
    JonpriL
    April 20, 2020

    You're on the right track, @Serge01!

    As of the moment, there isn't an integrated way of tracking all discounts for your bills from your vendors. What you have been doing is the only option available, creating an additional line item as the discount for your bills.

     

    But don't worry, I'll pass along your request to our product engineers so they know of your requests. Feedback from our customers, like you, help us improve our software's functionality to offer better services.

     

    In addition, here's an article you can read to learn more about our latest functionalities and improvements: QuickBooks Resource Center.

     

    Lastly, I've got you these few articles for ideas in managing your vendors and expenses: Manage Suppliers and Expenses for QuickBooks Online.

     

    If there's anything else that I can help you with, please let me know in the comments down below. I'll be happy to help.

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