I received a cheque today which I have recorded as money in to my bank for £5023.00 and I tagged it to the relevant invoice in the customers account which was for £5023.14. How do I clear the balance of £0.14 as currently the invoice is now showing £0.14 owed? This basically needs to show £0.14 discount given.
You can simply amend the invoice and either change one of the existing lines, or add a new negative value line.
Once the invoice total is set to £5,023.00, this will then be shown as ‘Paid in full’.
Hope that helps!
Oh ok I didnt really want to change the value of the invoice. Is there no facility to just show the £0.14 as a discount against the invoice so along with the payment it clears the value of the invoice in full.
If it’s a fixed amount (e.g. not a percentage), the way to show a discount on an invoice would be to show it as a negative line.
If it was a percentage, we do offer a specific discount box which would show it as a discount on the invoice (in the totals area).
Ok thanks for the help.
What way do I handle a discount over a months invoices eg Discount for prompt payment on an account?
This would normally be handled in the same way as the above.
If you are giving them a percentage discount because they paid on time, you can add the discount using the discount box at the top:
Or if you give them a fixed amount, you would add it as a negative line. This may work better because you’re able to add a description for this too. So you could add a line “Early payment discount” and even attach it to the Discounts Allowed nominal.
No sorry I am taking a discount from a supplier?
Please accept my apologies, I assumed this was a continuation from the above.
With a purchase invoice, you would need to enter a negative value line. There’s no support for percentage discounts on these, only on the sales invoices.
Similarly though, there is a nominal code for discounts - ‘Discounts Taken’
Does that mean I would need to work out the discount over each invoice and apply the amount to each individual invoice over the course of a month? I could have many invoices from a supplier in a month.
Yes, that’s correct. But once you’ve tagged a payment against the invoice, this will reduce the balance. So you could just use the outstanding balance as a calculation:
Even if you’re VAT registered, you can edit the Total on each line independently. For example, for this invoice, I could do this:
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