V9 - Discounts and deposits (prepayments)
SOS Inventory supports discounts on sales transactions, as well as deposits on sales orders and invoices.
Discounts
SOS allows you to apply discounts to your sales to reduce the total amount the customer will have to pay. If your company syncs SOS Inventory with QuickBooks Online, you must have discounts enabled in QuickBooks Online to sync the discounts properly. The Discounts field in SOS displays only if discounts are enabled in QuickBooks.
Discounts are shown in two areas of the sales form:
- To record a transaction discount, simply enter it in either the Discount % or Discount Amt field on the sales transaction. Entering the discount in one field will populate the other automatically.
- If you have enabled the Discount taxable setting in the General sales settings (Tools & settings > Configuration > Sales > General), the discount will be applied before the tax. SOS enables Discount taxable by default.
- If Discount taxable is disabled, the discount will be applied after the tax.
- Whether the Discount taxable setting is enabled or disabled, the Discount/tax toggle allows you to change when the discount is applied on any individual sales transaction.
- If the Enable line-item discount on sales forms box is checked in the General sales settings (Tools & settings > Configuration > Sales > General), a column will appear in the Items area of the sales form for the line-item discount.
The screenshot below shows the Discount % column in the line-item area, as well as the Discount % and Discount Amt fields above the transaction Total. In this example, the discount has been applied to the entire order after the tax.
Customer deposits/prepayments
Customer deposits or advance payments can be tracked on sales orders and invoices in SOS Inventory. When included on an invoice, the deposit will flow to QuickBooks Online as a payment on the invoice. After the sync of the invoice, it will show a balance due on the PDF.
If your company syncs SOS Inventory with QuickBooks Online, you must have deposits enabled in QuickBooks Online to sync the deposits properly. If you are not enrolled in the SOS Pay feature, you must record the actual payment (check, credit card, etc.) in QuickBooks Online. SOS Inventory merely records the deposit for tracking purposes.
Enabling discounts and deposits in QuickBooks Online
To enable discounts and/or deposits in QuickBooks Online, under Gear > Account and Settings:
- Go to the Sales tab. Under Sales form content, enable Discount and/or Deposit.
- If you enabled Discount under the Sales tab:
- Go to the Advanced tab.
- Under Chart of accounts, choose the associated Discount account.
- If you enabled the Deposit setting, deposits will automatically go to your Undeposited funds account.)