QuickBooks POS: Vendor Payment Terms

 

Today we’re going to talk about vendor payment terms.

Let’s begin:

1. On your QuickBook Point of Sale screen click “Vendor List”.
   
2. Choose any of the vendor on your Vendor List. For example, click on Knives Unlimited as your vendor. Then click “Edit” on the right side of the screen.
   
3. Edit Vendor will appear.
   
   1. Net due – Due date of the item.
   2. Discount Percentage and Discount if paid – if you pay the item earlier on due date you can avail the vendors discount percentage. For example, if the vendor gives you 14 days to avail 3% discount on the item you should pay it before 14 days to avail the discount. If you go beyond that you’ll pay the regular price of the item.

Here’s a quick example:

1. On your QuickBook Point of Sale screen click “Receiving Voucher”.
   
2. On the Voucher screen click on the name of the vendor and the item you want to order.
   
3. Click “Billing Info” on the left screen.
   
4. Fill in the Invoice number and Bill date. Then click “Close”
   
5. Click “Save” on the right corner of the screen.
6. Then go to “Financial” and click “Update QuickBooks Desktop”.
   
7. Wait for the update to finished.
   
8. Go back to QuickBook Point of sale, then click “Vendor”.
   
9. On the left screen click on the example vendor we chose it’s the “Knives Unlimited”.
   
10. It will show you a new bill on the screen double click on that.\
    
11. Then it will show you the finished Bill.