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vortexcanwest
January 3, 2022
Question

Apply terms discount on invoice without adjusting tax

  • January 3, 2022
  • 1 reply
  • 0 views
When calculating a terms discount in Canada, the tax amount cannot also be discounted. So the QBO instructions on how to take a discount sadly do not comply with Canadian bookkeeping regulations as they discount the items and the taxes - when term discounts must not be applied to taxes. If items are being discounted for a sale, this would work. But if a customer has terms of 2% 30 days, net 31, the 2% can only applied to the pretax amount and not change or affect the tax in any way... So the discount in QBO invoices is not beneficial at all for terms discounts, which is how the majority of my customers pay.

    1 reply

    Jen_D
    Jen_D
    January 5, 2022

    Thanks for reaching out to the QuickBooks Community today about this discount concern, @vortexcanwest.

     

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