Accounting for prompt payment discount

[Bianca]

Hello.

I hope you are alright. I have a new invoice for total £174.30 with prompt payment discount clause £4.36 if paid within 7 days. This invoice has been paid within 7 days, so discount has been taken. How to register this invoice and prompt payment discount in Quick File?

Best regards,
Bianca

[FaradayKeynes]

You can modify invoice and show discount as % on face of invoice using discount box and then log rest of outstanding invoice with amount received

[Bianca]

Thanks. So firstly, I register single invoice on total &174.30 and save it. Then I have to modify this invoice. Am I right? How to do it in practice. I cannot see any options with discount within “Modify”[invoice] option.

[FaradayKeynes]

Once you click on modify invoice, you will see discount option on face of invoice as shown in attached image

[Bianca]

Unfortunately I do not have this discount field. Could you please text me where step by step you are clicking to see it?

[QFMathew]

Hi @Bianca

Is this a sales invoice or a purchase invoice?

The discount line that @FaradayKeynes mentions above would work for a sales invoice. For a purchase invoice (from a supplier), you could modify the invoice and add a negative value line to the value of the discount.

[Bianca]

Hi.

Thank you for your e-mail. This is a purchase invoice. So I understand in this case I need to add additional line with 'discount taken ’ category and type this discount in £ with minus. Am I right?

Best regards,

Bianca

[QFMathew]

That sounds correct

[Bianca]

Thank you very much!