bookkeeping

While doing accounts payable have you ever wondered how much money you would save if you paid the invoice in time to take the discount?  Or do you take the discount when you can?

A good way to track discounts is to record missed discounts in a Purchased Discount Loss account using the net-price method.

Your company receives and invoice for $2,000.00 with a credit term of 2/10, n/30. Under the net price method, the following entry is recorded:

Entry to record invoice:
Purchases        $1,960.00

The help option in QuickBooks is extremely useful and there are topics that some users have a hard time finding.  One is merging two accounts.  Many times people will create an account that is very similar to one they have already been using. Here is the explanation from QuickBooks on to merge two accounts into one.
Situations where you can't merge an account
•    You can't merge more than two accounts at a time.