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ron6
Level 1

I want to set up vendor I pay with a 2% discount if paid by the 10th of the month with due date 25th of the month. can QBO due that?

 
4 Comments 4
MaryLurleenM
Moderator

I want to set up vendor I pay with a 2% discount if paid by the 10th of the month with due date 25th of the month. can QBO due that?

Good day, Ron,

You can definitely customize the terms on an invoice in QuickBooks Online. When you create an invoice there are terms available for you to choose, it will also allow you to add new terms.

Here's how:

  1. Click the drop-down under Terms.
  2. Click Add new.
  3. Create a name for the new term.
  4. Select Due by certain day of the month, enter 25 on the box for day of the month.
  5. Check box Apply discount if paid early.
  6. Enter 2% if paid before the 11th day of the month.
  7. Hit Save.
I have also attached a screenshot for your reference. Let me know if there's anything else I can help you with.
Rustler
Level 15

I want to set up vendor I pay with a 2% discount if paid by the 10th of the month with due date 25th of the month. can QBO due that?

@MaryLurleenM

 

really nice copy and paste

 

too bad it has nothing to do with the question, in the question the OP distinctly says vendor

invoices and terms are for customers

 

{sigh}

Rustler
Level 15

I want to set up vendor I pay with a 2% discount if paid by the 10th of the month with due date 25th of the month. can QBO due that?

@ron6

 

sort  of

you create a vendor credit memo for the amount using an income account, that discount is your income

apply the credit memo to the bill, and pay the balance

 

early payment terms, IMO, only benefit the vendor, he gets paid quick, and you have taxable income

dan6040
Level 1

I want to set up vendor I pay with a 2% discount if paid by the 10th of the month with due date 25th of the month. can QBO due that?

Quickbooks desktop does this but it doesn't appear as though the online version has that capability. If you have to use the credit to do this and figure out the discount for each bill it seems like a very time consuming process that seems to be a basic function for a computer

 

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