Microsoft KB Archive/214721

Money 99 P&B: How to Record a Conditional Discount

PSS ID Number: Q214721 Article last modified on 02-27-1999

WINDOWS:

WINDOWS

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The information in this article applies to:

 Microsoft Money 99 == Money 99 Personal and Business == 

= SUMMARY =

This article describes how to record a conditional discount for a transaction when the customer meets the terms for the discount.

NOTE: You cannot create new payment terms in Money 99 Personal and Business.

= MORE INFORMATION =

To record a conditional discount when you receive a payment from a customer, you must first create a Discounts account, a Discount payee, and a Customer Discounts subcategory of the Cost Of Goods payment category.

To create a Discounts account, follow these steps:


 * 1) On the Money navigation bar, click Accounts.
 * 2) Click New Account.
 * 3) Click “Not held at a bank, brokerage, or other financial institution - for example, Accounts Receivable or a House account,” and then click Next.
 * 4) Click Other, and then click Next.
 * 5) In the Name box, type “Discounts” (without the quotation marks), and then click Next.
 * 6) Click Business, and then click Next.
 * 7) In the “What is the balance for this account?” box, type “0” (zero) (without the quotation marks), and then click Finish.

To create a Discount payee and a Customer Discounts subcategory of the Cost Of Goods payment category, follow these steps:


 * 1) On the Money navigaton bar, click Categories.
 * 2) In the left pane, click Payees.
 * 3) Click New.
 * 4) In the Name box, type Discount, and then click OK.
 * 5) In the left pane, click Categories.
 * 6) Click New.
 * 7) Click Create A New Category, and then click Next.
 * 8) In the Name box, type “Cost Of Goods” (without the quotation marks), and then click Next.
 * 9) Click Business, and then click Next.
 * 10) In the list of Schedule C expense types, click Other Costs, Cost Of Goods, and then click Next.
 * 11) Click “I know I’m eligible for this deduction. Include it on my Schedule C report,” and then click Finish.
 * 12) In the list of categories, click Cost Of Goods, and then click New.
 * 13) Click “Add a subcategory to Cost Of Goods,” and then click Next.
 * 14) In the Name box, type “Customer Discounts” (without the quotation marks), and then click Next.
 * 15) Click Business, and then click Next.
 * 16) In the list of Schedule C expense types, click Returns And Allowances, and then click Next.
 * 17) Click “I know I’m eligible for this deduction. Include it on my Schedule C report,” and then click Finish.

When a customer meets the terms for a discount, record the discount as a payment from the customer that you deposit into the Discounts account, and then record the payment from the customer as a separate payment that you deposit into one of your business accounts.

To record a discounted payment, follow these steps:

  On the Money navigation bar, click Business.   Click Record A Payment.   In the Customer box, click the customer that sent you the payment.   Calculate the discount, and then type that amount in the Amount box.   In the Date Paid box, type the date you received the payment from the customer. </li>  In the Account box, click Discounts, and then click Next. </li>  If necessary, allocate the payment to the appropriate invoice, and then click Enter. </li>  Click Next, and then click Finish. </li>  Repeat steps 2-8 to record the payment you received from the customer and deposit it into one of your business accounts. NOTE: If the payment is greater than the balance due on the invoice, allocate the overpayment to another of the customer’s invoices, or credit the amount of the overpayment back to the customer. </li></ol>

Periodically, pay the balance of the Discounts account to the Cost Of Goods: Customer Discounts category. To do this, follow these steps:


 * 1) On the Money navigation bar, click Accounts.
 * 2) Double-click the Discounts account.
 * 3) On the Spend tab, click New.
 * 4) In the Pay To box, type “Discount” (without the quotation marks).
 * 5) In the Amount box, type the current balance of the Discounts account.
 * 6) In the Category box, click Cost Of Goods.
 * 7) In the Subcategory box, click Customer Discounts.
 * 8) Click Enter.

Additional query words: w_money 7.0 1% 2% 10 net 30

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========================================================= Keywords : kbui kbimu Version : WINDOWS: Platform : WINDOWS Issue type : kbhowto ============================================================================= Copyright Microsoft Corporation 1999.