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arshia200
Level 2

Purchase discounts given by suppliers

Dear Team,

 

I receive purchase discounts from a number of suppliers during the course of our trade purchases. I would like to record the discount amount in the bill.

So it goes like this - First I make a purchase order listing all the items, etc, then I make the bill of the same order (enter bills).

In the expenses side, can i record the discounts as a Purchase discount (It affects COGS) and record it as a negative amount since I am mentioning it in the expense side of the bill. 

 

Solved
Best answer July 22, 2020

Accepted Solutions
Catherine_B
QuickBooks Team

Purchase discounts given by suppliers

Hello there, arshia200.

 

The Discount option is only available in the Pay bills window. If you want to enter it on the Bills window, you can continue the steps you're doing by entering the discount as a negative amount. Then, you can enter a description of the amount that it's a discount. Review the Amount Due before saving and closing it. You can also click Recalculate from the menu if you made changes to the amounts. 

 

Meanwhile, you can change the affected account of the discount (pay bill option) through Preferences. Let me show you how;

  1. Click the Edit menu and select Preferences
  2. From the left menu, click Bills.
  3. Select Company Preferences.
  4. Click the preferred Default Discount Account. 
  5. Hit OK

QuickBooks, don't retroact so I suggest that you toggle the discount item again. I'd also recommend reaching out to an accountant of there is another way of applying discounts to the bill. This way, we won't mess up your books. You can also use this article to know more about our Accounts Payable workflows in QuickBooks Desktop.

 

If there's anything else that you need help with, just leave a reply below. You take care always and have a great day!

View solution in original post

5 REPLIES 5
Ashleigh1
QuickBooks Team

Purchase discounts given by suppliers

Hell Arshia200, 

 

Welcome to the Community page, 

 

You are not able to record the discount on the bill itself, it has to be done on the payment

 

When making the payment all you need to do is hit the discount button at the bottom of the payment page. 

 

Here are the steps to do this- 

 

  1. Go to the supplier center menu. 
  2. Select Pay Bills.
  3. Select the vendor bill. 
  4. Click the Set Discount button.
  5. Enter the Amount of Discount.
  6. Select the Discount Account.
  7. You can click Add New if the income account is not yet listed.
  8. Click Done.
  9. Click Pay Selected Bills.

If you have any further queries please reach back out to us. 

arshia200
Level 2

Purchase discounts given by suppliers

Dear @Ashleigh1 ,

 

Unfortunately, this method that you described is not possible for me to follow because this option is NOT available for me in Quickbooks. I have attached a screenshot for your reference. I had already tried doing it before asking this question in the community.

 

That is why I put is as a purchase discount in a negative amount, in the bill itself. But since you said we cannot add discounts in the bill, and your described method is not possible either, therefore please suggest another alternative to go about for this.

 

Thanks.

Catherine_B
QuickBooks Team

Purchase discounts given by suppliers

Hello there, arshia200.

 

The Discount option is only available in the Pay bills window. If you want to enter it on the Bills window, you can continue the steps you're doing by entering the discount as a negative amount. Then, you can enter a description of the amount that it's a discount. Review the Amount Due before saving and closing it. You can also click Recalculate from the menu if you made changes to the amounts. 

 

Meanwhile, you can change the affected account of the discount (pay bill option) through Preferences. Let me show you how;

  1. Click the Edit menu and select Preferences
  2. From the left menu, click Bills.
  3. Select Company Preferences.
  4. Click the preferred Default Discount Account. 
  5. Hit OK

QuickBooks, don't retroact so I suggest that you toggle the discount item again. I'd also recommend reaching out to an accountant of there is another way of applying discounts to the bill. This way, we won't mess up your books. You can also use this article to know more about our Accounts Payable workflows in QuickBooks Desktop.

 

If there's anything else that you need help with, just leave a reply below. You take care always and have a great day!

ewcinteriors
Level 1

Purchase discounts given by suppliers

i cant found discount button please tell me another way

DebSheenD
QuickBooks Team

Purchase discounts given by suppliers

Hello, ewcinteriors.


Let's ensure that the discount button will show in your QuickBooks file.

To isolate the issue you're having, we can start updating your QuickBooks to the latest release. This helps keep your software up-to-date and has the latest features and fixes. Then try to pay bills, if the discount button doesn't exist, we can proceed with verifying and rebuilding your QuickBooks data. This process self-identifies the most commonly known data issues within a company file and self-resolves most data integrity issues.

 

Rebuild Data:

  1. Go to the File menu.
  2. Choose Utilities, then select Rebuild Data.
  3. Select OK on the QuickBooks Information window.
  4. Follow the prompt to save a backup.
  5. When you see Rebuild has completed, click OK.

Verify Data:

  1. Go to the File menu.
  2. Choose Utilities, then select Verify Data.
  3. If you see QuickBooks detected no problem with your data, click OK. You can continue using the company file.
  4. If Verify finds an issue with your data, you’ll be prompted to Rebuild Now or View Errors.
  5. Select Close.

Please see this article for more information on fixing data damage: Verify and Rebuild Data in QuickBooks Desktop.

Additionally, I've added this article that'll help you on how to fix data damage: Fix data damage on your QuickBooks Desktop company file.


Please keep me posted if you have other concerns about discounts settings. I'll be around if you have other questions for QuickBooks. 

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