You can create a vendor credit as a discount for your bills and it'll be used automatically use it when paying them.
Once done, here's how you can use the vendor credit as a discount when paying your bills:
Here's an article you can read to learn more about how to use a vendor credit: Enter a credit from a vendor.
I've got you this helpful article in case you need some ideas especially in managing your vendor's transactions: Income and Expenses.
You can always get back into this post if you have more questions.
Can the Quick Books Online system automatically calculate the early pay discount on vendor bills, or do I have to manually calculate the discount and enter a credit for each discount? I pay a large number of vendor bills each month and this would be very time consuming to have to manually calculate the discount on each vendor bill.
Hi there, @tallenDPI.
At this time, there isn't an option to automatically calculate early pay discounts on vendor bills in QuickBooks Online (QBO). As mentioned by my peer above, you can consider creating a vendor credit as a discount and apply it when paying your bills as an alternative.
I can see how useful it is for you and your business to have this option. But I want to let you know that your voice matters and I'm submitting feedback directly to our product engineers for consideration.
For now, you can visit our blog site so you'll be able to get the latest news about QuickBooks and what our Product Care Team is working on.
If you have other concerns, just comment below or post again. I'll be sure to get back to you. Have a good one.
I find this crazy! I just switched to Quickbooks online from desktop and amshocked to find that Early pay discounts to vendors is not a current feature! This is a standard accounting practice and has been part of QB since inception. The fact that I have to do it manually and track each invoice with this discount is a waste of time. When will this be available? I guess that again I will be cancelling my QBO subscription because its features are lacking.
Thank you for sharing your concerns here with us in the Community. I'll be sure to take note of them. As mentioned by my colleague above, we have submitted product feedback to our developer team, so the ability to automatically calculate early pay discounts on vendor bills will be considered in a future update.
We hate that you feel this way, and certainly want to do all that we can to make QuickBooks beneficial for you and your business.
Please let us know if there's anything else that we can do for you. We are here to help you get back to business every step of the way. Take care!
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This is also shocking to me. Early payment discounts on vendor invoices is a VERY BASIC accounting function. Any failure to capture this discount costs us money we don't need to spend, and with high volumes and large numbers of vendor invoices, the chances for errors are quite large.
This is forcing us to consider returning to the desktop application, or seeking a new solution.
I also have numerous bills to pay each month and we take early pay discounts. Please let your people know that this is very time consuming and I don't know why you don't offer this option in QBO. Please let your software engineers know that this is very time consuming and inconvenient.
Agree. Ridiculous that this feature is not available given the amount Intuit charges for a monthly subscription. I have found that Intuit is always moving on to the next product and doesn't give the time of day to requests and fixes for the users they already have. So frustrating, but they know they're basically the only game in town, so once they have you - they have you.
When entering the vendor credit it says choose "item/account" that's where I get lost. What specific account do I choose? Is it a specific early pay discount account and how do I set that up? Or is do I choose the items that received the early pay discount which would be a total pain in the rear-end. Plus then I'm concerned it would take the items out of inventory.
What account do I choose when entering a vendor credit for early pay discount? and how do I set it up?
Thanks for joining the Community, joy2019.
To properly identify which account or item you'll need to select while entering a vendor credit, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
Here's how it's used:
Once you've found an accounting professional, they can be contacted through their Send a message form:
If a new account needs to be created, you can create one in your Chart of Accounts.
Please feel more than welcome in sending a reply if there's any additional questions. Have a great Friday!
Has QBO fixed this issue yet? this is a deal breaker for most Big clients using QB Desktop! i still can't find that they have done anything about this? anyone find a 3rd party app that can do this?
Having this feature is surely a great help for your business, @sgeiman33.
At this moment, the option to automatically calculate early pay discounts on vendor bills is unavailable in QuickBooks Online (QBO). In the meantime, you can use the workaround outlined by my colleague, JonpriL to enter a vendor credit as a discount.
Then, to search for a third-party app that will help you with this, you can go to the Apps menu. Let me guide you how:
You may also want to visit our QuickBooks Online Feature Requests site to track product requests submitted for the program. From there, you can add your vote to the feature you need to be added. The more vote the requests gets, the higher the chance it will be added to QBO.
Monitoring all of your vendor transactions in QBO is a breeze. To do this, you can run either a Balance detail report or a Transaction detail report. For the detailed instructions, please visit this article: Print a customer or vendor register.
If you have additional questions about finding an app that can help you automatically calculate early payment discounts in QBO, feel free to add a reply below. I'd be glad to assist you. Keep safe.
I am reading these comments from almost 2 years ago and I am appalled that Intuit has not implemented this feature as I type this in February 2022.
Even my client, that recently converted from many years of using QuickBooks desktop to QuickBooks Online points out that vendor early payment discounts is a "basic accounting practice". This is one of the first things I remember learning about in my Accounting 101 class in college....30 years ago.
Stop selling all these 3rd party app features that mostly clutter up the functionality of QuickBooks Online and cover the basics.
Thanks for joining this thread, @KInch1. I'm here to provide information about invoice numbers.
Currently, the option to have a warning message for duplicate invoice numbers in QuickBooks Online (QBO) is unavailable. This feature is only possible with creating bills and checks. If in case you haven't enabled the Custom Transaction Numbers button, QBO will automatically assign numbers to the invoice. For more information on managing your invoices, feel free to check this article: Create invoices in QuickBooks Online. It also includes guides in accepting invoice payments.
Also, you'll want to modify your invoice templates to suit your business needs and preferences. To do so, simply go to the Gear icon and select Custom Form Styles.
I'm always around here in the Community if you have any other invoice concerns. Feel free to post again here. Have a good one.
When will you have simple fixes for the other things listed in this forum?
Being able to apply early payment discounts without use of a calculator?
Being able to simply print a bill payment stub?
Better search engine features (more like Desktop).
Can we please fix these!!!
Thank you for reaching out to the QuickBooks Community! I took the initiative and submitted your feedback to our developers, so they have an idea of what customers like you are needing in their QuickBooks Online. I encourage you to follow our blog so you can keep up with what's new and see the latest changes to the program.
If you have any more suggestions, please let me know below and I will be happy to send them along! Take care and be safe.
I am new to QB and QB Online. I can find details on Early Payment Discounts on vendor bills for QB Desktop but still nothing on QB Online. It does seem odd that something so simple cannot be done in QB. The latest discussion was February 2022. Has it been updated? This is a common practice and would think it could be offered easily.