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Best answer January 21, 2020
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Hey marceloDCT,
It's great that you're trying to streamline your accounting, and automate your books as much as possible. Using the discount field to record additional COGS seems like a very clever way to keep track of these processing fees, and it's the type of creativity that unlocks the full potential of our products. QuickBooks is all about saving time so you can focus on your business, and I'll be happy to help you with that.
For help formatting your SaasAnt template, your best bet would be to contact their support. The way QuickBooks Online currently manages the discount field is by applying it to the pretax amount. There's currently no option to change the way this is handled, but I'm confident all we need is a little more creativity for the desired result. One thing to consider before recording COGS in this manner is that they won't be tracked to the specific product and won't affect the linked asset account.
To apply tax after the discount, you have two options. The first is to set amounts as Exclusive of Tax and manually correcting the tax amounts in the subtotal after applying the discount. To streamline the process even further, I'd recommend entering the discount on a line. You can set this up in just a few easy steps:
- Click on the Gear icon then select Products and Services.
- Select New then Service.
- Enter the desired Name, then select your COGS as the Income account.
- Click Save and close.
To apply this on a sales transaction, you'll just need to enter the amount as a negative by entering a - before the amount. To enter a percentage, you can perform simple mathematics in the Amount field. Simply use * to multiply. As an example, a 2.5% discount on a $1500 item can be entered with the following simple equation:
- -0.025*1500
Entering the merchant fees as a line item should be compatible with most apps to import from Excel, and you can assign the desired tax code to that line. Let me know if there's anything else I can do to help.
Hey marceloDCT,
It's great that you're trying to streamline your accounting, and automate your books as much as possible. Using the discount field to record additional COGS seems like a very clever way to keep track of these processing fees, and it's the type of creativity that unlocks the full potential of our products. QuickBooks is all about saving time so you can focus on your business, and I'll be happy to help you with that.
For help formatting your SaasAnt template, your best bet would be to contact their support. The way QuickBooks Online currently manages the discount field is by applying it to the pretax amount. There's currently no option to change the way this is handled, but I'm confident all we need is a little more creativity for the desired result. One thing to consider before recording COGS in this manner is that they won't be tracked to the specific product and won't affect the linked asset account.
To apply tax after the discount, you have two options. The first is to set amounts as Exclusive of Tax and manually correcting the tax amounts in the subtotal after applying the discount. To streamline the process even further, I'd recommend entering the discount on a line. You can set this up in just a few easy steps:
- Click on the Gear icon then select Products and Services.
- Select New then Service.
- Enter the desired Name, then select your COGS as the Income account.
- Click Save and close.
To apply this on a sales transaction, you'll just need to enter the amount as a negative by entering a - before the amount. To enter a percentage, you can perform simple mathematics in the Amount field. Simply use * to multiply. As an example, a 2.5% discount on a $1500 item can be entered with the following simple equation:
- -0.025*1500
Entering the merchant fees as a line item should be compatible with most apps to import from Excel, and you can assign the desired tax code to that line. Let me know if there's anything else I can do to help.
