The addition of QuickBooks software discounts to any invoice is practically the same in both the Pro and Premier versions. This discount is normally offered to a customer. However it is important to note that it is not offered by a vendor to any buyer for early bill payment. It needs to be created and then applied directly to the invoice. The following is a step by step guide on how you can best apply the discounts to an invoice.
The first important step's to open QuickBooks. After doing so, you will be required to open your business in the application and then click on "Lists", "Type" and 'Discount'. You will notice that the "Add New Discount" window is going to open up instantly.
The step that follows is giving a name to the discount. The right naming of the discount is important in case there is a plan to give a customer multiple reductions. An example would be to name one as "Special Discount" and the other as "Customer discount", and so forth. The naming needs to be as simple and as comprehensible as possible to make it more clear and specific.
You will then be required to provide the discount's description inside the "Description" box. The description will be visible on the customer's invoice when it is printed out. Make use of names that can be understood easily. Long and meaningless descriptions are not necessary and should always be avoided. The next step is to fill in the amount of the discount to be given. You will be required to click on the "Amount or %" box. An important fact is that QuickBooks makes the assumption that the amount entered is a dollar amount; if you forget to add the % sign at the end of the discount amount. This is an extremely important point to note.
The creation of a "Discount Expenses" account is the next essential step. All the reductions that customers get directly from you are handled as business expenses. "Discounts" accounts are not supposed to be applied for this reason. This is because the ones that extend you these discounts to you are vendors.
In case you receive a warning that the "Discounts Expenses" account does not exist, make sure it is included by clicking OK. In the "Add New Account" window, you need to click on the Expenses icon, and then return to the "New Discount" screen and click OK. After this, the discount will have been saved.
When you notice the warning box popping up to warn you that "Discount Expenses" account does not exist, you should click on the "OK" icon to add it. Then, click the "Expenses" button which is found on the "add New Account" window. After doing this, click "OK" and then return back to the "New Discount" screen and then click "OK" on it and the discount will be saved automatically.
Finally, at the tail end of the invoice, you will be required to enter the named discount into the "Item Code" column. Once this has been done, QuickBooks will automatically calculate the percentage figure or the dollar amount. It will then subtract the amount from the invoice total prior to the addition of tax. After the addition of the tax, you should click on the "Save and Close" icon or alternatively on the "Save and New" icon, and the invoice is going to be saved. The application of QuickBooks software discounts is extremely beneficial because it provides a simpler method of calculating discounts.
The first important step's to open QuickBooks. After doing so, you will be required to open your business in the application and then click on "Lists", "Type" and 'Discount'. You will notice that the "Add New Discount" window is going to open up instantly.
The step that follows is giving a name to the discount. The right naming of the discount is important in case there is a plan to give a customer multiple reductions. An example would be to name one as "Special Discount" and the other as "Customer discount", and so forth. The naming needs to be as simple and as comprehensible as possible to make it more clear and specific.
You will then be required to provide the discount's description inside the "Description" box. The description will be visible on the customer's invoice when it is printed out. Make use of names that can be understood easily. Long and meaningless descriptions are not necessary and should always be avoided. The next step is to fill in the amount of the discount to be given. You will be required to click on the "Amount or %" box. An important fact is that QuickBooks makes the assumption that the amount entered is a dollar amount; if you forget to add the % sign at the end of the discount amount. This is an extremely important point to note.
The creation of a "Discount Expenses" account is the next essential step. All the reductions that customers get directly from you are handled as business expenses. "Discounts" accounts are not supposed to be applied for this reason. This is because the ones that extend you these discounts to you are vendors.
In case you receive a warning that the "Discounts Expenses" account does not exist, make sure it is included by clicking OK. In the "Add New Account" window, you need to click on the Expenses icon, and then return to the "New Discount" screen and click OK. After this, the discount will have been saved.
When you notice the warning box popping up to warn you that "Discount Expenses" account does not exist, you should click on the "OK" icon to add it. Then, click the "Expenses" button which is found on the "add New Account" window. After doing this, click "OK" and then return back to the "New Discount" screen and then click "OK" on it and the discount will be saved automatically.
Finally, at the tail end of the invoice, you will be required to enter the named discount into the "Item Code" column. Once this has been done, QuickBooks will automatically calculate the percentage figure or the dollar amount. It will then subtract the amount from the invoice total prior to the addition of tax. After the addition of the tax, you should click on the "Save and Close" icon or alternatively on the "Save and New" icon, and the invoice is going to be saved. The application of QuickBooks software discounts is extremely beneficial because it provides a simpler method of calculating discounts.
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