We have multiple customers that are given a discount as part of the invoice(which we are all set on), then those invoices are sent to an outside party to facilitate early pay and a discount is incurred at payment based on fluctuating rates. Additionally, they reduce invoice paid by any damaged or defective goods(we do not receive them back for inventory) if applicable. Is there a way to apply their payment on the fly and select account for discounts and an account for defective without making credits and or journal entries? Have 2022 enterprise w manufacturing
I am happy to share with you the steps on how to apply for their payment on the fly and what account to select for discounts, and an account for defective.
First, for damage goods, you can record item on the credit memo/refund (use the same item code as used on the original invoice) then that item will be returned to stock.
Second, you can create invoice from there, you have the option to apply for a discount, but you need to create a discount item first.
From the Home screen go to the Lists menu.
Select Item List.
Right-click anywhere, then select New.
Select the Type drop-down, then select Discount.
Enter an Item Name/Number and a brief Description.
In the Amount or % field, enter the discount amount or percentage. If your discount amounts vary, you may want to leave the Amount or % field blank and enter the amount directly on your sales forms.
From the Account drop-down, choose the income account you want to use to track discounts you give to customers.
Select an appropriate Tax Code for the item.
Choose Save & Close.
Also, I would create a non inventory item called return-noitem, set the expense account on the item screen to a discount account (it should be a sales discount income account, but if you already have a discount expense account use that)