If you have discounts and credits from your vendors and you want QuickBooks to automatically apply them when paying your bills, enable discounts and credit in the Edit > Preferences > Bills window, under Company Preferences tab:
1. Check the “Automatically use credits” checkbox.
2. Check the “Automatically use discounts” checkbox.
3. Enter the Default Discount Account field with the account you use to track vendor discounts.
Depending on your preference, this can be an income or expense account. Create a new account if you don’t have one yet.
To apply discounts manually or to adjust discount amount:
In the previous blog, we have learned how to enter bills. Entering bills is not the same as paying bills. By entering a bill you make a record of what you owe to your vendor, whereas paying a bill you pay off what you owe with your money.
Here is how to pay bills:
Select Pay Bills icon from the Home page, or Vendors > Pay Bills from the Main menu, to open the pay Bills window below:
As a business owner, you often want to look at which customers give the most of your business income. For example, how much are the sales coming from franchisee, advertisement, or referral. This is where the customer types help you by designating each of customers by either franchisee, advertisement, or referral.
There are 2 ways to do this:
1. When you create your customers in New Customer window, select Additional Info tab as shown here:
When you have a duplicate customer or job, you need to merge those customers or jobs to avoid confusion. In QuickBooks, merging customers means one customer retains the transaction history of both customers. In other words, the customer you want to keep retains his transactions and the transactions of the customer you do not want to keep.
Merging customers only works if:
• The customer you do not want to keep has no job associated with it.
• If the customer you do not want to keep has jobs associated with it, you have to move all the jobs to the customer you want to keep (destination customer) first.
This is how to merge jobs and then customers:
1. Open the Customer Centre, either by clicking Customer icon on the Home page or Customers > Customer Centre from the Main menu.
Guest Blog by Carlo Pandian
Small firms need to be able to react quickly to changes in the market and in demand for their services. This is, in fact, one of their strongest points and it makes them particularly competitive in the current economic climate when large firms are less able to move and change quickly. One area that can, however, be difficult to manage is employment. Small firms may not have the necessary experience in hiring and firing and the need for additional staff over short periods can prove an administrative nightmare. There are a range of advantages and disadvantages to hiring temporary staff but it’s an option worth exploring as it can allow you to respond to increases in demand quickly.