Vendor Discount

[DanielAc]

Hi.

I have a vendor who gives a 3% discount at time of sale for using cash. I want to show this in quickbooks.

I do not believe I have bills for any of the last 3000 + invoices I have created.

How can I show the Cash discount?



Daniel


P.S. I have recently dont Recive Items for all the invoices which allows me to add postage expenses etc.

[BenW]

It might depend on which version you use.

But you can try entering the bill and when you enter the payment in "Pay Bills" use "Set Discounts". I know that QB Pro2001 has the option.

Good Luck

[DanielAc]

Version is 2002 Premier.

Any other ideas?

[NancysBL]

When you enter your vendor's bill you can enter the discount date & %/amount. When you pay the bill (thru pay bills), click on the invoice & go to set discount to actually take the discount.

Now, if you are saying that you have already paid your vendor & just recorded the net paid instead of allocating the purchase and discount to separate accounts, the only way you can fix that is to pull out your invoices & adjust each check.

[PHebert]

I agree with Nancy. If you have posted them, you would have to pull them out and re-enter. The best way to treat this going forward is to enter an item in the terms list for each discount available. Reveiw all your vendors and under additional information select a term showing the default rate for that vendor. You can always change it when you go to pay the bill, but you will at least have this reminder telling you to look at what is available for discounts. Big help when going through your bill pay list.

Peter Hebert
Hebert Accounting Services
Seattle, WA
peter.hebert@attbi.com