Hi: How do I set up an account for discounts taken, i.e. prompt payment discounts? Thanks.

Hello Azurocha,

Keeping track of discounts taken is a great way to keep your books in order. QuickBooks is a hassle-free program which allows you to save time so you can do the things you love. I'll be happy to show you how to set up an account in QuickBooks Online. 

To add an account to your existing Chart of Accounts, follow the steps below: 

1. Go to Settings ⚙, then select Chart of Accounts.
2. Select New to create a new account.
3. In the Account Type ▼ dropdown menu choose an account type.
4. In the Detail Type ▼ dropdown, select the detail type that best fits types of transactions you want to track. Learn more about detail types.
5. Give your new account a name. You can use the info under the detail type to add a name that fits.
6. Add a description.
7. If you’re adding a sub-account, select Is sub-account and then enter the parent account. If you need help, learn more about parent accounts and subaccounts.
8. Choose when you want to start tracking your finances. In the Unpaid Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
9. Select Save and Close.

For more info on how to set up an account in QB Online, check out this helpful article here: 

Add an account to your chart of accounts in QuickBooks Online.

If you'd like to get specific details on how to set up the account, I suggest reaching out to your accountant for expert advice. If you're not in contact with one, I encourage you to search for one on our website using this link here. Give this a try and if you have questions, feel free to leave a comment below. I'll be happy to help get you back on track.