Your Answer
- Record a discount for any early payment from a customer
Recently Viewed:
How do I record a discount for an early payment from a customer?
Updated: Jul 27, 2011
Article ID: HOW15872
You can apply a discount for early payments received by customers and QuickBooks works out the VAT and NET discount amounts automatically.
Note: The discount feature is designed to comply with VAT legislation which states: ‘VAT is only charged on the discounted Net amount even if the customer does not take advantage of the discount’.
To record a discount for an early payment:
-
Go to the Customers menu and click Receive Payments.
-
Enter the customer's payment in the Receive Payments window.
-
Click the line of the invoice to which you want to apply the discount.
-
Click Discount & Credits.
-
(Optional) Change the amount of the discount.
Note: QuickBooks will calculate the amount of the discount for the early payment based on the payment terms with the customer and the payment date. For help with setting up payment terms, search the QuickBooks Help for "set up payment terms". -
Select the expense account you track discounts in, then click Done and save the payment.
|
|
