Applying 2% Credit To Account Invoices?
Applying 2% Credit To Account Invoices?
The majority of what we do is fleet maintenance. We bill our customers bi-weekly and can have as many as 40 invoices for each of them. We offer a 2% discount if the amount is paid in 15 days. Sometimes they do, sometimes they don't. Is there a better way to apply a discount to a batch other than un-posting every invoice applying them and re-posting. I have been just applying the payments with the discounts and it leaves a balance of the 2% on their account. Can I apply a credit to them? It is preventing me from being able to print a statement because it keeps showing all of these invoices with past due balances. Secondly can we print statements for a customer by a date range?
- ricmorin
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Re: Applying credits to account
What I would do is create a payment type called 2%net15. Then I would apply the check towards the appropriate invoices in Batch Payment. That will leave a balance on the last invoice that should equal 2% of the total payment. Then pay the remaining 2% with the discount payment type. Now everything is nice and clean and you can send statements that are accurate.
Ric Morin - Volunteer Forum Moderator, Shop Owner, ASE Master L1
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
Re: Applying credits to account
That sounds like a great idea. Can you give some step by step on how to do that?
- ricmorin
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Re: Applying credits to account
Sure. Go to Setup>Standard Tables>Income/Payment Types>Add.
Ric Morin - Volunteer Forum Moderator, Shop Owner, ASE Master L1
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
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Re: Applying 2% Credit To Account Invoices?
With one of our cards when the total is $100 lets say, the card charges us (the shop 2.39%) is there a way to take off the 2.39% off of the total bill without having to do the math? Obviously the math on $100 is easy being its $2.39, but when you get an odd one its not as easy/quick to do the 2.39%.
What I've been doing now has been putting the total payment through, then when the company emails me the next day of what the amount is, then I go and readjust the amount of what the 2.39% is and what their payment was.
It would be nice just to be able to deduct 2.39% off of the total bill and not have to worry about doing any math or having to go back after finding out how much was paid.
What I've been doing now has been putting the total payment through, then when the company emails me the next day of what the amount is, then I go and readjust the amount of what the 2.39% is and what their payment was.
It would be nice just to be able to deduct 2.39% off of the total bill and not have to worry about doing any math or having to go back after finding out how much was paid.
- ricmorin
- 5K Holy Smokes Contributor
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Re: Applying 2% Credit To Account Invoices?
If you know in advance that the card will be used, you could create a discount that is 2.39% parts and labor and apply it before posting. The result will be what is actually owed.Sauvageaus wrote:With one of our cards when the total is $100 lets say, the card charges us (the shop 2.39%) is there a way to take off the 2.39% off of the total bill without having to do the math? Obviously the math on $100 is easy being its $2.39, but when you get an odd one its not as easy/quick to do the 2.39%.
What I've been doing now has been putting the total payment through, then when the company emails me the next day of what the amount is, then I go and readjust the amount of what the 2.39% is and what their payment was.
It would be nice just to be able to deduct 2.39% off of the total bill and not have to worry about doing any math or having to go back after finding out how much was paid.
Ric Morin - Volunteer Forum Moderator, Shop Owner, ASE Master L1
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
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Re: Applying 2% Credit To Account Invoices?
That's what I actually did now, but now my issue is if I do that, I get the problem when i put the payment with CFNA then people get their bill it will show that they paid less then what they originally owed. Still not sure how to do that so I don't have to do more then one step. Guess the way of doing it is put CFNA payment with no 2.39% then delete the payment then add the 2.39% discount then except payment again?ricmorin wrote:If you know in advance that the card will be used, you could create a discount that is 2.39% parts and labor and apply it before posting. The result will be what is actually owed.Sauvageaus wrote:With one of our cards when the total is $100 lets say, the card charges us (the shop 2.39%) is there a way to take off the 2.39% off of the total bill without having to do the math? Obviously the math on $100 is easy being its $2.39, but when you get an odd one its not as easy/quick to do the 2.39%.
What I've been doing now has been putting the total payment through, then when the company emails me the next day of what the amount is, then I go and readjust the amount of what the 2.39% is and what their payment was.
It would be nice just to be able to deduct 2.39% off of the total bill and not have to worry about doing any math or having to go back after finding out how much was paid.
- ricmorin
- 5K Holy Smokes Contributor
- Posts: 5970
- Joined: Mon Jul 25, 2005 10:11 am
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Re: Applying 2% Credit To Account Invoices?
I don't think there is a one step way to do this. We don't track this on the Manager side, but do it on the QuickBooks side.
Here's how I would do it IF I were to track it on the Manager side: Accept payment with the card against the full price of the ticket. Calculate 2.39% deduction from total and post that with the CFNA payment type. Post the rest against the CFNA discount payment type.
It's only a few keystrokes on your calculator to get this. The invoice amount times 2.39% then minus. Then I'd document the two payments on the credit card printout (my copy).
Now everything will match and I won't have to open or unpost anything.
Here's how I would do it IF I were to track it on the Manager side: Accept payment with the card against the full price of the ticket. Calculate 2.39% deduction from total and post that with the CFNA payment type. Post the rest against the CFNA discount payment type.
It's only a few keystrokes on your calculator to get this. The invoice amount times 2.39% then minus. Then I'd document the two payments on the credit card printout (my copy).
Now everything will match and I won't have to open or unpost anything.
Ric Morin - Volunteer Forum Moderator, Shop Owner, ASE Master L1
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
Motorcar Alternatives, LLC
603-622-6434 x203
www.motorcaralternatives.com
I find my life is a lot easier when I use Special Orders
-
- 300 Club: Superstar Contributor
- Posts: 367
- Joined: Thu Jan 23, 2014 8:27 am
Re: Applying 2% Credit To Account Invoices?
Perfect I never thought of that.ricmorin wrote:I don't think there is a one step way to do this. We don't track this on the Manager side, but do it on the QuickBooks side.
Here's how I would do it IF I were to track it on the Manager side: Accept payment with the card against the full price of the ticket. Calculate 2.39% deduction from total and post that with the CFNA payment type. Post the rest against the CFNA discount payment type.
It's only a few keystrokes on your calculator to get this. The invoice amount times 2.39% then minus. Then I'd document the two payments on the credit card printout (my copy).
Now everything will match and I won't have to open or unpost anything.