Warning - Please specify a discount account, for example, Earned Discount when applying a credit in QuickBooks QBi 2008/09

Question

Why do I receive a warning - Please specify a discount account, for example, Earned Discount when applying a credit in QuickBooks QBi 2008/09?

Answer

This is due to the terms 1% 10 Net 30 and 2% 10 Net 30 that are used on the bill / tax invoice.

To rectify this, you will need to create new terms;

  1. From the Lists menu, select Customer and Supplier Profile Lists > Terms List
  2. Click the Terms button > New
  3. In the Terms field, enter a word or phrase to help you recognise the terms. Click Standard or Date Driven depending on your set up
  4. Locate the bills / tax invoices that use 1% 10 Net 30 and 2% 10 Net 30 and change these to the newly created terms
  5. [Optional] Make the old terms inactive by right-clicking the term and selecting Make Terms Inactive.

You will now be able apply the credits to the bills / payments.


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