Create and Manage an Invoice with Discount for Banking Seamlessly

Invoice with discount for Banking

[Music] hello and thank you for watching my name is Rachel Barnett with gentle frog I'm here to create videos for you to help you understand QuickBooks slightly better than you currently do if you have any comments questions or suggestions please put them in the chat box thank you [Music] hello and welcome my name is Rachel Barnett with gentle frog in today's video of custom QuickBooks training I want to talk to you about how to create a discount for your customers so it's going to be a discount on their invoice I'm going to show you two different ways to approach this I do want to let you know that I am using the Canadian version for this tutorial if you're looking for The American or us version I definitely have videos on that you're also welcome to watch this video the differences will be slights but I think you'll get the gist of it so let's first pull up an invoice and I'll show you what you have on the invoice kind of just pre-built in somebody go to plus new in the upper left hand corner I'm going to select invoice on the left hand side and what I can see in the lower right hand corner is I have a drop down I can add a discount to my invoice I can either add a discount percentage or a discount value that's fantastic and pretty self-explanatory I want you to know where that's going to show up on your profit and loss report so let's go ahead and close this and we'll take a little look under the hood in the upper right hand corner is your gear the gear is kind of your settings behind the scenes gear on the left hand side I do want you to click on account and settings this menu takes a minute to open so if it feels like it takes you a while don't worry about it it's normal on the left hand side we're going to click on advanced I know it's tempting to click on sales but the menu option we want is just not under sales over here in chart of accounts you can kind of see this discount account and then to the right it says discounts given when you select the discount in the lower right hand corner of your invoice QuickBooks is going to say okay we're giving a discount ten dollars ten percent whatever the case is in that discount that we're giving we need to show that money over here in the account or the category called discounts given if you wanted to change your account you can do that by clicking on the pencil clicking on this discounts given and changing it to a different account you will notice that it says income on the right what that means is when you use this account and you look at your profit and loss report you're going to see some positive numbers for all your sales and then you'll see a negative number because these are discounts you're giving the negative number will show up in the fields called discounts given I'm going to go ahead and click cancel and close out of this I want to show you a different spot in case you wanted to use it elsewhere over here if you go to the Gear again but this time under the column called list if you go to products and services you then have your list of products and services because this is the sample file they've done some stuff to kind of make it look extra fancy extra interesting I'm not going to talk to you about that I'm going to keep it real simple let's click on plus new in the upper right hand corner and then over to the right let's select a service let's call this service discount we're going to skip the SKU the category of the class we're just again going to keep it real simple and then for description we're going to say discount let's say discount applied to invoice discount applied to invoice I'm going to leave the discount value or dollar amount blank because I want to have the flexibility to fill it in myself each time I use it I know I can overwrite it but if it's blank I won't accidentally use the wrong amount to the right I pick the income account I want to use I can use Services I can use discounts given I can use sales discounts it's whatever you prefer for your business for this example I'm going to use sales discounts I'm not going to pick a sales tax because I might sell to people in various provinces and therefore have different sales tax and it doesn't make sense to have a default sales tax selected I'm then going to say save and close so let me show you how this shows up on an invoice and how it's different let's go back to the invoice let's sell a few things so do some catering make that 1500 and we'll come down here and we'll do some entertainment of 500. sales tax of Ontario click too soon it didn't catch okay so let's do HST Ontario okay so let me go ahead and add my discount I'm going to do that by selecting discount in the drop down for product and service remember the discount is what I picked or what I created when I went into the products and services list I'm going to say that I'm going to give a 100 discount I need to remember to put in negative 100 if I don't put a negative it's going to add 100 to my invoice and that's not at all my intent so now when I look at this I say 1500 plus 500 2000 minus one hundred is Nineteen Hundred my subtotal is Nineteen Hundred my Ontario sales tax is applied my grand total is 21.47. let me show you how that looks on the profit and loss reports I'm going to go ahead and select save and close on the left I'm going to go to reports I'm then going to go to profit and loss and then here where I see sales discounts I can see a negative 100. that is exactly what I was hoping to see I hope this was helpful if you have any questions don't hesitate to let me know thank you [Music]