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jnmzietz1
Level 1

Discounts

Quick question for the smart ones. I have recently gotten a discount on my rent and I am not sure how to enter it. Everything that comes up is a discount for real Estate that you are renting. I am trying to figure out how to enter the full amount of my rent  so it shows full amount in the income statement and also which account to put the discount

Solved
Best answer October 28, 2021

Best Answers
JonpriL
Moderator

Discounts

Let me help share how you're able to a discount on your rent, @jnmzietz1.

 

You can create a vendor credit for the rent and the discount will item depending on how you're tracking the payment for your rent. I'll walk you through the steps on how to accomplish this.

 

To start with, let's create a service item for your discount and use it as your new line item. Here's how:

 

  1. Go to Sales.
  2. Select Products and Services.
  3. Click New.
  4. Under Product/Service information, select Service.
  5. Enter the name of your new service item. Say Real Estate Discount.
  6. Choose an account accordingly.
  7. Click Save and close.

 

From here, use the steps below to enter the discount:

 

  1. Go to the +New button.
  2. Under VENDORS, select Vendor credit.
  3. Choose a vendor from where you receive the discount.
  4. On the Item details section, select the service item created recently.
  5. Enter the amount of the discount.
  6. Click Save and close.

 

Once done, create a bill payment accordingly and you'll see the credit in a box on the right portion of the bill payment.

 

I'm adding this article with the topics you can use while recording the common vendor transactions: The Difference Between Bills, Checks, and Expenses in QuickBooks Online.

 

It'll always be my pleasure to help if you've got additional questions about discounts and payments. Use the Reply option below and surely I'll be here ready to assist you. Take care and stay safe!

View solution in original post

2 Comments 2
JonpriL
Moderator

Discounts

Let me help share how you're able to a discount on your rent, @jnmzietz1.

 

You can create a vendor credit for the rent and the discount will item depending on how you're tracking the payment for your rent. I'll walk you through the steps on how to accomplish this.

 

To start with, let's create a service item for your discount and use it as your new line item. Here's how:

 

  1. Go to Sales.
  2. Select Products and Services.
  3. Click New.
  4. Under Product/Service information, select Service.
  5. Enter the name of your new service item. Say Real Estate Discount.
  6. Choose an account accordingly.
  7. Click Save and close.

 

From here, use the steps below to enter the discount:

 

  1. Go to the +New button.
  2. Under VENDORS, select Vendor credit.
  3. Choose a vendor from where you receive the discount.
  4. On the Item details section, select the service item created recently.
  5. Enter the amount of the discount.
  6. Click Save and close.

 

Once done, create a bill payment accordingly and you'll see the credit in a box on the right portion of the bill payment.

 

I'm adding this article with the topics you can use while recording the common vendor transactions: The Difference Between Bills, Checks, and Expenses in QuickBooks Online.

 

It'll always be my pleasure to help if you've got additional questions about discounts and payments. Use the Reply option below and surely I'll be here ready to assist you. Take care and stay safe!

jnmzietz1
Level 1

Discounts

That looks like it will do it. Thank you so much for your help

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