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warren6
Level 2
posted
‎February 28, 2020 01:08 AM
last updated ‎February 28, 2020 1:08 AM

How to capture a settlement discount which is after vat and cant be captured in the discount field as this is before vat ?

 
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Best answer February 28, 2020
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Ryan_M
Moderator
Moderator
‎February 28, 2020 03:15 AM

How to capture a settlement discount which is after vat and cant be captured in the discount field as this is before vat ?

Hi @warren6,

 

Let's set up your Discount value field on your invoice placed after VAT so you'll get the correct total amount.

 

Here's how:

 

  1. Go to the + New menu.
  2. Select Invoice.
  3. Fill up the form as necessary. 
  4. Enter the discount amount on the Discount value field. 
  5. Press the Switch (down and up arrow) button, so your VAT gets deducted from the subtotal before the discount. 
  6. Hit Save and close.

Take a look at this article to learn more about how different accounting methods affect sales tax: How Cash and Accrual accounting affect sales tax. 

 

Have other questions in mind? Post them in the comments below, and I'll get back to you.

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3 Comments 3
Ryan_M
Moderator
Moderator
‎February 28, 2020 03:15 AM

How to capture a settlement discount which is after vat and cant be captured in the discount field as this is before vat ?

Hi @warren6,

 

Let's set up your Discount value field on your invoice placed after VAT so you'll get the correct total amount.

 

Here's how:

 

  1. Go to the + New menu.
  2. Select Invoice.
  3. Fill up the form as necessary. 
  4. Enter the discount amount on the Discount value field. 
  5. Press the Switch (down and up arrow) button, so your VAT gets deducted from the subtotal before the discount. 
  6. Hit Save and close.

Take a look at this article to learn more about how different accounting methods affect sales tax: How Cash and Accrual accounting affect sales tax. 

 

Have other questions in mind? Post them in the comments below, and I'll get back to you.

Reply
Morne VB
Level 1
‎October 01, 2021 06:00 AM

How to capture a settlement discount which is after vat and cant be captured in the discount field as this is before vat ?

Hi

 

Where do I locate the switch (up and down) arrow button?

 

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MirriamM
Moderator
Moderator
‎October 01, 2021 07:15 AM

How to capture a settlement discount which is after vat and cant be captured in the discount field as this is before vat ?

It's good to see you in this thread, @Morne VB.

 

The switch button that my colleague @Ryan_M is referring, is found in the VAT column on the invoice page. For your visual reference, see the below screenshot. 

 

 

To learn more about the discount feature in QuickBooks Online (QBO), see this article: Add a discount to an invoice or sales receipt in QuickBooks Online.

 

 

For your future tasks, here's a resource that you can use for a guide: Record invoice payments in QuickBooks Online. It contains information on how you can receive customer payments.

 

 

Reach out to me in the comment section below if you have any other issues or concerns when using QuickBooks. I'm always here to help. Take care.

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