QuickBooks POS: Record Vendor Discount

Today we’re going to talk about receiving your inventory in and what happens when your vendor provides a discount and you want to have your billing come through correctly and when paying your vendor, you want it all to be recorded. Let’s begin:

1. From your QuickBooks point-of-sale screen click “Receiving Voucher”.

1. On your “Voucher” screen for example, you choose “Electronics Vendor” and “Circuit Board” as your item.

1. Let’s say that this vendor if you order over 50
2. So, for example, in order to avail the 5% discount in “Circuit Board” you need to order 55 pieces of it. So, we will go and click “Qty/Cost” on the right side of the screen.

1. Then put “55” on the “Quantity”. Then click “OK”

1. Now click “Discount/Fee/Freight” on the left side of the screen.

1. It will show here the total amount of the item we order and some information to fill in.

1. So here, if we fill in the “Discount Percentage” to “5%” then you just click the black space in “Discount Amount” it will automatically show you the amount you discounted from the total amount of the item. The “Discount Amount” will directly minus to the total amount of the item.

1. You have a choice if you will leave the checkmark unchecked then this record will go to Discount account in QuickBooks accounting and that how it will be recorded.
2. If you check the checkmark your item will be recorded in cost of goods account.

Original Article: https://blackrockbusiness.com/quickbooks-pos-record-vendor-discount/?feed_id=1084&_unique_id=6183d6869c394