QuickBooks Online Vendor Discounts And Terms

[@worldwidequickbooks]

Pinned comment. Hello my QuickBooks Online studying students. I made this QuickBooks help video to show how to set up and record discounts that vendors give us. We can track vendor discounts in a separate account and choose the terms from the terms list if the discount we get is an “early pay” discount. This will affect our profit and loss if we pay the bill with the terms by the discount date. I’m here if you have any questions. You can ask them right here. I hope you “like” it and if it helps you, I hope you will subscribe. -Mark

[@pochicoro]

I'm very new to QuickBooks and this video's very helpful. thank you!

[@worldwidequickbooks]

You're so welcome! I hope you will like and subscribe

[@pochicoro]

Yes i did like and subscribe:)

[@karatecow93]

This was exactly what I was looking for. Very helpful, thank you!

[@worldwidequickbooks]

I'm so glad to help but I hope you will click like after watching each one and subscribe and don't forget to visit the main channel page For anything else that you could possibly need in quick books Mark

[@florak1087]

thank you! Excellent video. My client has many 'discount' for customers accounts. Is there a way to purge those?

[@worldwidequickbooks]

Yes, but the method depends on how you input the discounts -Mark

[@SaraM-nl6hv]

Thank you for the video. This is helpful. My situation is a little different as we are receiving early pay discounts from purchases with a company credit card. It is uploading into QBO at the total purchase price and we classify the expense. If we pay early, we receive a 2% discount. So if we purchased $100 of cleaning supplies and take advantage of the early pay discount our liability is reduced by $98 and we have $2 still dangling out there. Do I change the charge that is downloaded from the credit card and add an early pay discount feature? Thank you.

[@worldwidequickbooks]

Thank you and I'm happy to help you.. Just to be clear,the money is owed to the credit card company not directly to the vendor and the charge goes on the credit card statement rather than. Owing a vendor directly that are giving you discount terms. Please clarify and I will be happy to help you. Mark

[@SaraM-nl6hv]

@@worldwidequickbooks yes, that is correct. It is a credit card/account held at a big box home store . Early pay discount is offered on some items purchased at that store. It's unsual in that it is one customer, but it is being charged like a credit card in that there is an outstanding balance, late fees if not paid on time,, etc. The items are hitting our books like credit card transactions. I'm hope I'm making sense. Thank you.

[@MdIsmail-ck8qh]

Thanks you very much sir, how to customize bill enter templates

[@worldwidequickbooks]

You don't customize vendor documents because you don't send documents to the vendor the vendor sends you the vendors is Bill so there is no feature for that

[@argon805]

Hey, I'm a great Verizon customer, where's my good customer discount LOL?😂Thanks for the video, just what I needed. I have no idea why we got a discount on our bill for imported goods, but I'll make it into an expense to book against the pusrchase.

[@worldwidequickbooks]

That's really great and I'm glad the video helped and I hope you will click like after watching each one to help support the free channel for everyone and please subscribe. Mark

[@Colin_Butler]

Very helpful!! It makes it really simple. Thank you! Hope you don't mind me to ask, can I record a vendor discount like a vendor credit? And then apply the vendor credit to the bill?

[@worldwidequickbooks]

Yes, that would be a "normal" discount; not and "early pay" discount. You can do early pay discount that way to but the whole point of this video is that The feature shown here makes it much easier than any other way for the, specifically early pay discounts. Here is the full vendor's playlist that shows other methods of vendor discounts. kzbin.info/www/bejne/qnjaiZWYfrR4q9U I hope you will remember to click "like" after watching each one and I hope you will subscribe. -Mark

[@madzgp]

@@worldwidequickbooks if we record the early pay discount which is an income account, it will be included in taxable income which forfeit the discount received since tax will be applied and paid for this?

[@MdIsmail-ck8qh]

Please explain this problem, for examples I have some items purchased with bills before discounts taxes how to enter bills

[@worldwidequickbooks]

The answer is in more than 1 video in this playlist. I suggest you watch the whole playlist or at least look at the titles for the video you need. kzbin.info/www/bejne/qnjaiZWYfrR4q9U

[@amberbussey755]

I have 2019 desktop pro, I am trying to get the discount available (if paid early) to print on the invoice itself so the customer does not have to do the math.

[@worldwidequickbooks]

Do you mean vendors bills or customers invoices?

[@madzgp]

Will the Early Pay discount will create a Taxable income since it is an other income account?

[@worldwidequickbooks]

No, QuickBooks does not distinguesh betrween taxable mand non-taxable income accounts. That's for tax professional to decide affter the transactions are recorded and you send her (or him) the QuickBoosk file. -Mark

[@jahirlearningfact4300]

Dear Sir it's really very helpful video, thank you so much for this. but i have a question, may i include good customer discount as income instead of expense.

[@worldwidequickbooks]

Thank you but that's actually an accounting question not a quick book's question As far as where to physically place the discount on your profit and law sheet, depends on your industry type and whom you need to report the profit in laws too. It can sometimes be and an income or sometimes it can be a "contra expense" as part of cost of good Sold. Sometimes they call it a "contra purchase account" but it doesn't matter it simply increases your net profit by decreasing what you pay for your purchases Mark

[@jahirlearningfact4300]

@@worldwidequickbooks thanks sir

[@MdMashruhMarufHossain]

I'm facing problem with merging account.one is under COGS and another one is under Expense.How can I merge them in one account ?

[@worldwidequickbooks]

Did you try merging them the normal way by changing the name from one to the other? What happened when you tried?