Here's how to add a discount or an expense to a bill in ConnectBooks.
Add a discount or promotion
If your vendor gives you a discount on a bill, follow these steps:
Create a service item for the discount. Go to ConnectStock, then Items, click Add Item, then choose Service. Give it any name you like. Set the Expense Account to Inventory Asset.
Add the discount to the bill. Open the bill and add the service item you created. Enter the discount amount as a positive number and set the quantity to negative 1. This lowers the bill total by the discount amount.
How QuickBooks handles it. When you export the bill to QuickBooks, we raise the Inventory Asset account by the full amount before the discount, and then lower it by the discount amount. This shows the correct final total.
Add freight or another expense
If you need to add a freight charge or any other expense to a vendor bill, follow these steps:
Create a service item for the expense. Go to ConnectStock, then Items, click Add Item, then choose Service. Give it any name you like. Set the Expense Account to the right account, such as Freight In.
Add the expense to the bill. Open the bill and add the service item you created. Enter the expense as a positive amount and set the quantity to 1. This raises the bill total.
How QuickBooks handles it. When you export the bill to QuickBooks, we put the full inventory amount in the Inventory Asset account, and the freight in the Freight In account. If you want to work out landed cost, see How to Use Landed Cost.
Frequently asked questions
Why is the quantity negative 1 for a discount?
A positive amount with a quantity of negative 1 takes the discount off the bill total.
Which account should the discount item use?
Set its Expense Account to Inventory Asset. In QuickBooks, the discount then lowers your Inventory Asset account.
Which account should a freight item use?
Set its Expense Account to the account you use for freight, such as Freight In.