QuickBooks is a globally recommended small business accounting software that businesses of all classes use for managing income and expenses while keeping the track of the financial health of their organization. This smart accounting application can be used for the invoicing customers, paying bills, generating reports, including preparing taxes. The QuickBooks product range also encompasses myriad of features which work absolute for all kinds of users, right from a freelancer to a midsized business.
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What is Discount?
Discount is the deduction from the total amount of the product which is offered by the seller to its customer. This can be offered in an attempt to reward the customer, which, in turn, will augment the sales and customer.
Steps to Add Discount to an Invoice or a Sales Receipt in QuickBooks
Here are a few steps given below to the Discount to an Invoice or a Sales Receipt in QuickBooks accounting software.
Step 1: Activate Discount Option
If it’s inevitable to make use of the discounts function for your favorite or valued customers, you need to turn it on:
- As a first step, you are suggested to visit the setting option and there after account and settings.
- After that, in the second step you are required to select the sales tab in the menu.
- Once you are done with the aforementioned steps, go to the pencil icon to make correction in the Sales Form Content section
- And now, choose the checkbox “Discount” to turn it
- And in the last step, choose Save followed by done.
The discount s fields will be added to the invoices and sales receipts once you follow the above given steps. QuickBooks Online application also enables the end-users to effectively create the Discount to the given account. This enables QuickBooks users to keep a track of chart of accounts.
Step 2: Discount Application
If you want to reduce a specific percentage or amount. Here you can edit the discount field on the invoice or receipt:
- In the first step, choose the + New button.
- And after that, select the Invoice or Sales Receipt and products and services.
- Key-in the remaining information in the given fields and elect the Discount value/Discount percentage. Once elected, key-in the decided discount as a specific amount or a percentage.
- And now you need to mention the amount you are willing to reduce in the reduction field.
- If you are not willing to discount the total prior to the calculation of the sales tax, so you are required to opt for the arrow icon which is present next to the discount field.
- And in the last step you are suggested to hit the Save & Send or Save & Close button to complete the ongoing process.
Steps to Add a Discount Item with a Fixed Price
Below are a few stepsenlisted to add a Discount Item with a Fixed Price:
If you have decided to set discounts for set amounts, you are required to create a new product item which you can swiftly add to sales receipts or invoices:
Step 1: Discount Item Creation
- Firstly, you are required to navigate to Settings and then choose the Products and Services.
- Secondly, you need to create a new item by choosing the New option.
- Now, here in this step choose the Non-inventory or Service for the type and enter a name to the item Discount
- If you wish to create multiple discount items then you need to enter the different name so that they can easily be identified.
- Enter the discount as a negative amount in the Sale Price/Rate field.
- Keep a thing in mind that this is a dollar amount and not a percentage.
- Using the drop-down menu of Income account, you have to select the Discount given account.
- QuickBooks will generate this account for you once the discount feature is activated.
- Here in this step you are required to choose the Nontaxable option using the drop-down menu of Sales tax category.
- And finally, hit the Save & Close option.
Step 2: Add the Discount to an Invoice or Sales Receipt
- Firstly, you are required to choose + New symbol.
- Secondly, choose the Sales Receipt or Invoice option.
- Now, you are required to add the Discount item which you have just created.
- If needed, you can also change the discount amount.
- You have to only make sure that it should be Negative amount.
- Once you’re done with the above steps then select Save & Send or Save & New option (if you have to create more new invoices or sales receipts).
I hope this article has covered all the main steps on how to add a discount to an invoice or sales receipt in QuickBooks Online. The team will be committed to serving your doubts all round the clock.
In this article we read about how we can utilize the QuickBooks Accounting Software to assist the user to save time, money and efforts. Optimize the automated experience by paying the invoices on timely basis.
It is important to understand the process in detail about how to do this with the version of QuickBooks. Once you have the system down, get in as many discounts as possible to drive revenue and strengthen the business between customer and vendor. In case you are facing any trouble to understand the process, you can always reach out to our Dancing Numbers expert team without any hesitation at our LIVE CHAT option.
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What Steps need to be Followed to Enable Line Level or item-wise Discount in QuickBooks Accounting Software?
In the first step, you are required to navigate to the Gear icon and then move to the Company Settings.
Now, choose the Sales in the left panel.
In the next step you need to hit the option called “Sales Form Content”.
After that, click on the option called “Item-wise discount” and enable it.
Now in the last step, click on the save option followed by the done tab.
This can be applied from the invoice as well:
Firstly, choose + New and then Invoice.
After that, navigate to the Gear icon at the top right of the invoice screen.
And lastly, enable the option called “Item-wise Discount” in the drawer that slides out on the right side.
What steps we need to Adhere to Create a Subtotal Item to Apply a Discount to all items in an Invoice?
To apply a discount against all the products to an invoice, firstly you need to add the line to subtotal all products on the invoice. After that, you can apply the discount to the subtotal of the invoice. The subtotal item is created similarly to the way the discount item was created:
Firstly, you need to navigate to the Lists menu and then choose the “Item List”.
In the second step, navigate to the item menu at the bottom of the screen using the pop-up menu.
After that, pick the “Subtotal” using the drop-down list in the Type in the Item Details.
Next, you need to name the product along with an optional description.
And the final step is to hit on the Save option in order to save all the items.
How can we resolve the issue if the Discount Column is not Visible in the Printed Sales, Invoice, Receipt, Estimate, or Credit Note in QuickBooks?
If you are facing the issue of Discount Column is not Visible in the Printed Sales, Invoice, Receipt, Estimate, or Credit Note in QuickBooks Accounting Software then no worries you just need to adhere few below-mentioned steps and this error will get resolved. Here are the steps given:
Firstly, you are required to navigate to the Gear icon and then hit on the Customers Form Styles
In the second step, navigate to the Action column which is next to the Style and known as Standard
After that, hit the Edit option and the Content tab
In the next step you need to hit the Preview at the top right and then choose the section in the middle
Here, at this point the Columns list will be visible for you that can be shown on the left side of the computer screen
Post that, you are required to ensure that the field labeled Discount should be checked
And in the last step, just hit on the option next followed by the done tab.
How many ways are there to add Discounts to the products and Invoices in QuickBooks Accounting Software?
There are two ways to add the discounts to invoices either applying them against a single product or applying them against all the products on the invoice. Both types of accounts can be downloaded in QuickBooks and used according to the requirement of the business.
Applying a discount on a single product: For that you are required to create the discount product and apply the discount to the product.
Applying a discount against all products on an invoice: For that you are required to create a subtotal product and apply a discount to the subtotal.