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Invoice with discount for Support

[Music] [Applause] [Music] hi guys so in today's video i'm going to show you how to add sales discounts to invoices using the web account and software now this is especially effective if you're issuing invoices to clients and just want to add or show the discounts on the invoice without actually having to subtract it from the sales so there are four steps in accomplishing this in way of accounting and i'm going to show you how to do all four steps so step number one is if you haven't already make sure you have a sales discount account so in order to do this we're going to go into menu we're going to click accountant and then we're going to go into our chart of accounts okay so the sales discount actually goes in our income and it goes in our income because it is something that is going to actually reduce the income or the sale that we make so in accounting we actually call this a contra account because it's going to reduce the income that we make if you scroll down you're going to have a section for discount and this is where you would put the discount account um if it's not there already all you have to do is click add a new account you're going to make sure the account type discount is selected you're going to put the name of the account so when discount in this case sales on discount and then we're going to put a description then we're going to click save so that's the first step now the second step is to actually add the discount to your product and services so we're going to treat it as a product and services so that we can select it when we create our invoice so in order to do this we're going to go into menu again this time we're going to go into sales we're going to click products and services as you can see i already have a product in here so i'm just going to add the discount product as well so i'm going to click add a product or service the name i'm going to shoot or what i'm going to choose to name this is discounts the description if you're known for sort of you know only having one type of discount it is good to have a description in here um if not i would suggest leaving it blank and then edit it edit in it as you make the invoice so i'm just going to leave it blank in this case next we have to choose whether we sell this or buy this because this is part of um invoices or it's part of a sale we're going to say that we sell this so we're going to click that and then it's going to ask us to select an income account in this case we're going to select the discount on sales account that we created if you come into this step and you don't have the accounts you always have the option to create a new account and it will allow you to do so so once we're done we're going to click save and as you can see we now have a discount a discount product created to use for our sales invoices so now we can actually start creating our invoices so i'm going to go into menu again and i'm going to go into invoices so once i'm here i'm just going to skip this okay so it's already bringing me into the new invoice screen but if it wasn't obviously bringing you to this screen there should be a button up here that says create new invoice okay so once we're in this screen we're going to add our customer so my customer is john doe and then we're going to now add our items so the first item i'm going to add for this sale is going to be my bookkeeping service okay so that's a hundred dollars the description has already been made for me so i don't have to change that you can you have the option to add taxes if you want in this case we're not adding any taxes and then i'm just going to add my discount item now so you would click create new item i'm going to select discounts and then i'm gonna put the description of the discount so in this case i want to take or i want to give this client 30 percent off so i'm gonna add 30 off for five years of business okay and 30 of 100 is 30 so as you can see i entered the discount as a negative number and this is what you should do because what the discount is doing is it's decreasing the overall price that the customer has to pay now if you're collecting sales tax as well please be sure to add the sales tax for this discount as well because it's going to add the tax as a negative number and it's going to subtract it from this tax if you're to add a tax for the initial service that you rendered in this case again i don't have any taxes so i'm just going to press save and continue so now my invoice has been created i'm going to approve the draft and that's it now i can send the invoice to the client for payment and as you can see the client only has 70 dollars to pay so that means the discount has been applied now this is a bonus tip to check how the discount shows on your financial reports so we're going to go into menu going to scroll down and go into reports if we go into a profit and loss we should be able to see the discount being applied to our income so right now we're showing me a net profit of 50. if i click show details it will show that i did have a sale of a hundred dollars and the discount of thirty dollars was supplied which is why it's showing me that i have an income of seventy dollars so that's how you add uh sales discounts to invoices in wave accounting if you have any questions regarding this please leave it in the comments section below don't forget to give this video a thumbs up please be sure to subscribe to paperless books for more videos like this and if you need help in setting up your bookkeeping in wave accounting please visit paperlessbooks.ca and that's all i wanted to show you guys for today see you on the next video