Vendor early payment discounts

Can I change vender name on a closed Purchase Order?

I've got some steps on how to change the vendor name on your closed purchase order, Lia O,

We can go to the Vendor Center and edit the transaction to another vendor name. Let me show you how: 

1. Go to Vendors on the top menu.
2. Choose Vendor Center. 
3. Click the Transactions tab. 
4. Select Purchase Orders.
5. Tap the Filter Type field and choose All Purchase Order. 
6. In the purchase order's lists, double-click the transaction.
7. Select a name in the Vendor drop-down field.
8. Hit Save & Close.
9. Press Yes to confirm.

Here's an article you can refer to for more details about creating purchase orders in QuickBooks Desktop.  To run all closed/open purchase order transactions, just follow the steps below:

1. Go to Vendors on the top menu.
2. Choose Vendor Center. 
3. Click the Transactions tab. 
4. Select Purchase Orders.
5. Tap the Filter Type field and choose All Purchase Order. 
6. Tick the Run Reports drop-down and choose View as a Report.

Feel free to visit our Expenses and vendors page for more insight about managing your vendor transactions. 

I'd like to know how you get on after trying the steps as I want to ensure this is resolved for you. Just reply to this post and I'll get back to you. You have a good one. 

Can this be done in QuickBooks Online yet?

Hi, @wshiflet.

Yes, we can, and I'd be delighted to walk you through the steps on how to change a vendor name on a close purchase order in QuickBooks Online.

We can update the vendor's name by following these steps below:

1. Go to Expenses on the left pane, then Vendors.
2. Select the Vendor's name to view their profile.
3. Click on the Edit button at the top-right.
4. Add the necessary info for your vendor's name.
5. Hit Save.
    

Once done, you can locate your closed purchase orders and see the updated vendor's name. 
 

Moreover, you can also check this article for some visual references about managing your vendors: How to Manage Your Vendors List: Adding, Editing, & Removing.

Additionally, you’ll want to pull up some reports that can give you a snapshot of your business and personalize them to modify the information according to your needs. Feel free to visit these helpful resources:

• Customize reports
• Run reports in QuickBooks Online

Let me know how else I can help you manage your vendor's information in QuickBooks Online. I'm more than happy to lend a helping hand. Keep safe always.

What about vendor discounts for paying early in QBO? 

Thanks for joining this thread, @idezotl. 

While we are unable to provide vendor discounts for early bill payments in QBO, you may create a discount item. Then, add it as a line item in the original bill (negative amount) to adjust the amount.

Here’s how:

1. Go to the Gear icon, then to Products and Services.
2. Select New, then select Non-inventory or Service type, then fill in the fields.
3. Enter Discount in the Name field, then the discount amount as negative in the Sales price/rate field.
4. From the Income account drop-down, select the appropriate account.
5. Make sure the Is Taxable is unchecked, then click on Save and close.

You also have the option to create a vendor credit and apply it to the bill payment. Please see this article for more details: Manage Vendor Credits.

We're always here to guide you again if you have other vendor's discounts and bill payments concern. Take care!

The question was WHICH Income Account to use. 

Unreal.  How are vendor discounts not a core feature in an accounting software?  Just migrated from QB Desktop and I can't believe some of the simple things that are missing in QBO.  

Hi propropro,

It's indeed helpful to have the option to enter discounts on bills and other vendor transactions, like in QuickBooks Desktop. While we're unable to do this in QBO, I recommend sending feedback to our product development team. That way, they can consider adding the feature in future updates.

1. Click the Gear icon.
2. Choose Feedback.
3. Enter a sentence to describe your feedback and click Next.

In the meantime, you can create a discount item and add it to invoices like what my colleague, katherinejoyceO, shared above. She also shared about entering a vendor credit, which can be an alternative to a discount item.

Feel free to go back to this thread if you have more questions about entering vendor discounts in QuickBooks. I'm just around to help.

I really don't believe for one second that the quickbooks team is "unable to do this" in QBO, it's not that complicated, essentially it's the same exact thing as late fees, but in reverse. A discount is applied up to a certain date, then it is removed or reduced afterwards.

For the amount of money we pay for QBO (which has more than doubled in the last 5 years) you think that customers would get some basic, basic, super basic features offered for decades in the desktop version. The suggestion that it be done manually is a HUGE inconvenience, you have for first manually put in the extra discount, then export the PDF and open the PDF in Acrobat and add the terms, then you have to calculate the dates and percentages before you send off the PDF. Then when the client pays you have to go back and edit the discount to match the payment date, but if you are using quickbooks payments links, you also have to put on your calendar multiple dates to remind yourself when you have to go back into QB and edit the discount manually in order to match the terms you had to manually add earlier. You have to do this to the exact hour, in case the client is waiting till the last minute, views the invoice online a few hours before or after the discount expires and pays the incorrect amount.

Perhaps quickbooks can pay me to hire a book keeper to keep up with all of this or they can listen to their customers and add a few lines of code to their increasingly buggy software.

Also none of my payment reminders have gone out for months, so who knows even if they finally add the feature if it will even work!

So I have noticed that this method causes a higher Income on Profit and Loss Report than on the tax summary report for GST. Is that not an issue?