Vendor Invoice Discount
How do I take a discount off an Invoice from a Vendor that has the original price on the Invoice. If I pay invoice in 10 days I can take a 1% discount off merchandise but not shipping.
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03/18/10 9:09pm PDT
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Don't know if it's the same in all versions of Quickbooks, but in mine you deal with this first in the vendor information; on the second screen there's a window for "terms" with a pull-down arrow -- you enter the terms offered by the vendor, in the case you're describing "1% 10 Net 30" (as I remember, the program may come with a list of common terms, and you can also add terms if you encounter some strange ones, like the "50% deposit, balance 10" that one of our vendors uses.
Once you have the terms associated with the vendor in question, the next part of the process will show up when you pay the bill . . . Quickbooks will know the vendor's terms and will offer you the chance to take the discount. If you're paying too late, for instance, you just don't take the discount. And you can adjust the discount that's automatically offered if you need to not take the discount on the freight, as you mentioned.
