Taking Discounts

Table of Contents

Search

Acknowledgements

Introduction

Ch. 1. Setting Up Your Company with the EasyStep Interview

Ch. 2. Setting Up and Using Payroll Features

Ch. 3. Adding or Changing Information After the Interview Is Completed

Ch. 4. Invoicing and Collecting Income

Ch. 5. Making Purchases and Recording Payments

Introduction

Setting Purchases and Vendors Preferences

Accounting for Purchases

Using Purchase Orders

Viewing Items on Purchase Orders

Viewing Vendor Information

Receiving Goods

Receiving a Partial Order

Viewing Unpaid Bills Reports

Paying Bills

Taking Discounts

Editing Bill Payments

The QuickFill Feature

Deleting Bill Payments

Setting Checking Preferences

Writing Checks

Printing Checks

Voiding Checks

Using the Check Register

Creating Purchase Reports

Ch. 6. Collecting and Paying Sales Tax

Ch. 7. Using Time-Saving Features

Ch. 8. Job Cost Estimating and Tracking

Ch. 9. Tracking Time

Ch. 10. Miscellaneous QuickBooks Features

Ch. 11. Using QuickBooks Online

Ch. 12. Preparing Income Tax Returns

Ch. 13. Security

Ch. 14. Using Inventory Features

Ch. 15. Recording Your Assets

Ch. 16. Recording Owners' Equity

Ch. 17. Recording Liabilities

Ch. 18. Preparing the Top Ten QuickBooks Reports

Index

Taking Discounts

When you pay your bills early, you might be entitled to take a discount offered by your vendor. Check the terms of the bill you received to see whether there is an option for a discount. Terms such as “2% 10 Net 30” provide for a 2% discount if the bill is paid within 10 days. Some companies also offer a discount if the entire balance is paid in full within 30 days as opposed to financing over a longer period of time. When you enter your bill in QuickBooks, you can describe the discount terms, and then you can apply the discount right in QuickBooks. The discount is calculated automatically, but you can override the calculation if necessary.

Take Discounts

Open the Pay Bills window.

Click the Show All Bills option.

Did You Know?

Bills still in the discount period might not appear on the unpaid bills list. If a vendor offers a discount for early payment, and the bill is technically not due yet, the bill does not appear on the list. Clicking the Show All Bills option displays all bills currently outstanding, including those not yet due.