If you record discounts in your QuickBooks records as a percent of the sales price or service fee that you charge the customer, then you must make a discount item type on the items list that will be a percent, and not a fixed amount. You will also need to use a “subtotal” item type as part of the process. You will track this discount item in a separate discount expense account, so you know the total discounts applied to all customers who were given this discount. The discount item will only be a percent of the item in the line directly above it on the invoice or sales receipt. Therefore, if you want to give the same percent discount for several of the items listed in the sales document, then you must also add a “subtotal item”. This item type, subtotal, only serves one function; to add the money amounts of all items listed above it on a receipt or invoice. Then, the discount percent item goes directly below the subtotal so the per cent discount is calculated from the subtotal amount.

This YouTube QuickBooks desktop instructional training tutorial course will show you how to use the advanced features of accounts receivable when managing your customer transactions and client data. Advanced transactions that you may need to make with your customers can be: returns, credits, discounts or any kind of customer deposit or pre-payment (like a down payment for a job) are higher level transactions in the receivables section of QuickBooks desktop. Every possible type of transaction you can have with your customers is shown here as part of this playlist course. If you follow these methods, all of your client’s balances and customer records will be correct to the last detail. Ultimately, you will use the reports in accounts receivable and the customer statements to reconcile with your customers to ensure accuracy in accounts receivable.

The full Advanced Receivables desktop course is here……

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Intro to desktop receivables is here if you missed anything………………

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