![]() ![]() Now there's an interesting thing here with sales tax. ![]() So here we now have $50,000 invoice with a 10% discount, and the balance due is $45,000. Now, if you have a look down here, we have the option for discount percentage or discount value. It's going to pop up here, let's choose an invoice, and let's sell something to Cool Cars, going to invoice them for a design project for $50,000. So now let's give somebody a discount and see how it works. So let's have look at chart of accounts, and if we scroll down to the income section, we can see here, it's created an account called, Discounts Given, and let's create this in the income section so that when you're looking at your income statement, your profit and loss, you'll be able to see the income, the sales, and the discounts, all in the one area. Now, what QuickBooks has done in the background while we've done this, is create an account for us to record those discounts into. So we click the little pencil and let's toggle that to on, and then we click save. So we pop up here to the gear icon, go to account and settings, we select sales and here we have the option for discount and we can see it's turned off. So here we are in the sample company, and the first thing we need to do is turn on the discount feature. ![]() It's a really good idea just to monitor how much you're giving out in discounts, perhaps you aren't the only person granting the discounts and you'd like to see where they're going or how much they amount to on a regular basis. Hi, Kerry here from My Cloud Bookkeeping, do you sometimes offer your customers or clients a discount and want to keep track of that separately? There's a way that you can turn on the discount feature in QuickBooks online and track that discount amount separately. ![]()
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