What is discounts givenCOS? its showing as negative. How to enter payments on instalment basis. I would like to enter every payment being deducted from the total amount.

I have discounted packages paid on instalment basis. Each time customer comes and pays a portion of the total amount I am using discounts given - COS. Is that correct? In the report the amounts under this category is showing as negative. What is the right way of entering installment payments? I would like to see all the payments for that particular installment amount when I filter it so I could see the remaining balance.

Answer

Hi ronmsalvado,

You need to select the correct account associated with your discount item so it won't show a negative amount. Let me guide you how to categorize an account for your discount.

  1. Click the Gear Icon.
  2. Select Chart of Accounts.
  3. Click New.
  4. Select the Account Type and Detail Type.
  5. Type Discount as the name of the Account.
  6. Click Save and Close.

Also, I recommend reaching out to your accountant to check what account type to use when creating a discount. Here's an article in case you want to categorize your bank transactions: Match And Categorise Your Downloaded Bank Transactions.

Keep in touch if you have other questions. I'll be here to help.

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IntuitMariaS , Community Support Specialist
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