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userm-dickinson
Level 1

How do you enter discounts for early payments from customers

 
5 Comments 5
MaryLandT
Moderator

How do you enter discounts for early payments from customers

I'm glad to provide the steps on how you can enter discounts for early payments, userm-dickinson.

 

In QuickBooks Online, you can choose between applying discount as a percentage or specific amount to your sales forms. You'll simply need to turn on the discount feature and apply it to invoices or sales receipts.

 

Here are the steps you can follow on how to turn on the feature:

  1. Go to Settings ⚙, then Account and Settings.
  2. Proceed to the Sales tab on the menu.
  3. In the Sales form content section, select the pencil ✏ icon to edit it.
  4. Select the Discount checkbox to turn it on.
    adddiscounts1.PNG
  5. Click Save, then Done.

Once done, you can see the discount field when you create an invoice or sales receipt.
adddiscounts.PNG

 

Aside from the discount field, you can also create a discount item. Then, add it as another line item on your sales forms. Feel free to visit this page for more details: Add a discount to an invoice or sales receipt in QuickBooks Online.

 

Let me know if you need anything else by commenting below. I'm always right here to help giving discounts to your customers.

userm-dickinson
Level 1

How do you enter discounts for early payments from customers

Thanks, but what I really need to know is how to add the discount after receiving a payment. They already know what discount to take if paying early. There just does not seem to be a way to enter the discount when receiving a payment. 

Angelyn_T
QuickBooks Team

How do you enter discounts for early payments from customers

Thank you for getting back, @userm-dickinson.

 

I'll be sharing with you the steps on how to apply a discount after or when receiving a customer's payment.

 

At this time, you can record a credit memo for the discount and apply it to the payment or customer's future transactions. Before that, you need to create a service item for the discount amount and use the discount account for the income account. 

 

Here's how to create a service item:

 

  1. Select Products and services from the Gear icon.
  2. Click on the New button from the Products and Services window.
  3. Tap on the Service section.
  4. Fill in the necessary information from the Product/Service information, then select Save and close.

Once completed, you're now ready to write down a credit memo transaction.

 

  1. Go to the (+) New icon, then select the Credit memo tab under Customers.
  2. Add the customer's name, then pick the item created under the Product/Service column.a27 8.PNG
  3. Enter the amount, then save the transaction.

Then, here's an article that shares some information on how you can apply a credit memo to an invoice or a payment. You can read the details from here as your reference: Create and apply credit memos or delayed credits in QuickBooks Online.

 

I also got this handy link that contains articles you can read more as you continue working with QuickBooks in the future. Feel free to read the topics from here during your free time: QBO articles, video tutorials, and more.

 

If there's anything else you need help with, let me know by adding a comment. I'm always here for you. Have a good one!

 

steve_NewJersey
Level 1

How do you enter discounts for early payments from customers

Hello - Is there a way to have an automatic prompt pay discount for a customer?  Meaning if i make an invoice for $100k and they have 2/10 net 30.  If they pay the invoice in 10 days they pay $98k but if they pay it in 11+ days its the full $100k?  I know i can add that in later but is there a feature that automats that? 

JoesemM
Moderator

How do you enter discounts for early payments from customers

Thanks for joining the Community space, @steve_NewJersey. I'm here to share information on how to enter discounts for early payments from customers.

 

You can use the price rules feature in QuickBooks Online. This will help you control the price of your products and services. Using this feature, you can offer discounts or charge different rates by item and offer them to only certain customers for a specified amount of time.

 

Before doing so, make sure to turn on the price rules in the Account and Settings. Let me show you how:

 

  1. Go to the Gear icon⚙ and select Account and Settings or Company Settings.
  2. Click the Sales tab.
  3. In the Products and Services section, select Edit ✏️.
  4. Select the Turn on price rules Beta checkmark.
  5. Hit Save and then Done.

 

Once done, you can now create a price rule.

 

  1. Go to Gear icon⚙️ and then select All Lists.
  2. Click Price Rules.
  3. Select Create a rule. After your first rule, select New price rule.
  4. Give your rule a name.
  5. Enter the necessary details, select Apply
  6. You'll see the adjusted prices of each item based on your customizations in the Adjusted price column. 
  7. Hit Save and close to save your rule.

 

See this article for detailed instruction: Set price rules in QuickBooks Online. It also contains FAQ's about price rules in QuickBooks Online.

 

I'm adding these articles that will guide you with received payments, record bank deposits, and reconcile accounts for future reference:

 

 

If you have any other concerns, don't hesitate and come back to the Community. I'm always here to help you. Have a great day, @steve_NewJersey.

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