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smorgan01
February 3, 2022
Question

How to handle cost of goods sold discount.

  • February 3, 2022
  • 1 reply
  • 0 views

I am running Quickbooks Premier 2021.  I am a reseller.  I receive a 25% discount on any items that I purchase and resell.  Currently when I send the company a PO they charge me the full amount and then put a 25% discount for the total PO.  I setup the items in my QB Desktop with the cost already discounted 25%.  This is causing a problem as the numbers never seem to match.  The way the vendor calculates the amount, they take it out like 4 decimal points.  If I put the cost of goods sold and the sale price for each item as the full purchase price and then discount the total PO, how does this affect my reports for profit?

1 reply

J
JamesM4
February 4, 2022

Hello smorgan01,

 

It's great to have you reach out in the Community. QuickBooks is a robust program that simplifies the way you handle your accounting. I'll be glad to point you in the right direction so you can get the resolution you need in a timely manner. 

 

Recording your transactions properly is an essential step for maintaining clean books. Based on what you've described, I'd recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here.

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back

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