This week I received few support calls on Discount Info button missing in both the Receive Payments and Pay Bills form in QuickBooks 2009/10 Asia edition.
For QuickBooks user who uses version 6 or 8, they are use to a Discount Info button in either the Receive Payment or Pay Bills form. Discount Info feature allows user to give or receive a discount upon recording a payment received from customer or paying a bill to a supplier. This is a “convenient” way of providing discount.
However, since QuickBooks 2002 (Asia edition), Reckon has removed this feature off from Receive Payments, and since QuickBooks 2003 (Asia edition), Reckon has further removed the Discount Info feature off from Pay Bills.
Am not sure why Reckon removed this feature from Asia version. However, you still able to provide a discount to your customer after invoice was created via General Journal, Credit Note or at depositing Undeposited Fund.
Invoice to ABC co: $1,000.00. You give them a 5% off when they make payment to you within 30 days payment term. Thus, amount received from ABC co. is $950.00 and $50.00 will post into Discount Allow account.
In Receive Payment form, you record the full amount, which is $1,000.00 from ABC co into the Undeposited Fund account. This will clear your Accounts Receivable account for ABC co.
Then, in Make Deposit, you select your transaction ($1,000.00 received from ABC co) and proceed to next screen. In the following screen, select your Bank account to deposit this amount and add an extra line below of your $1,000.00 received:
From Account: Discount Allowed account
From your Profit and Loss report, you can see the Sales remained as $1,000.00 with a discount of $50.00 in Discount Allowed account. As for Balance Sheet, Cash at Bank account will record as $950.00.
You can apply this method for either discount given to customer or Bank Service Charge from TT received. This is an easier method comparing using a General Journal or a Credit Note.
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