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Connect with and learn from others in the QuickBooks Community.
Join nowHello All:
Two years into QBDT and I'm finally learning how to recognize mistakes in my accounts! (Better late than never, right?)
So, my question today is: How do I set up Customer Discount - as an income or an expense?
Example - we give a discount to a customer for awarding 2 jobs back to back.
Example: Jobs total 25,000.... Discount of $1,500. New total is: $23,500.00
Any insight would be much appreciated.
Thanks
It's good to hear that you can now recognize your account discrepancies, @victoriah1956.
Let me help you set up a customer discount and place it in the correct account.
We should add the customer discount to the Item List. Here's how:
For additional info, you can read this article: Use discount and subtotal items on an Invoice.
Concerning categorizing customer discounts, you can place them in the expense account. However, I recommend contacting your accountant to categorize your accounts to avoid discrepancies in your book.
You might want to personalize your customer transaction reports to show discounts, check out this article: Customize reports in QuickBooks Desktop.
I'm just a reply away if you have additional questions about categorizing transactions. I'll be willing to help. Have a good day.
Sales discounts should be a reduction in income, not an expense. The bottom line is the same either way but, you are not incurring an expense when providing a discount, you are reducing your revenue.
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