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Who doesn't like a discount?

What your discounts are and how you keep track of them is up to you. But here's how you can apply customer discounts in MYOB Essentials.

Payment discounts

You can apply a discount when taking a payment, such as a "pay on time" discount. By entering a Discount given amount, the Amount due will be adjusted.

Discounts on invoices

MYOB Essentials can't automatically apply discounts when entering sales. But here's a few manual methods which might suit your needs.

Add a discount line to an invoice

Add a discount line to an invoice

This is the easiest way to add a discount to an invoice. When entering the invoice, add a separate line for the discount.

Enter the discount as a negative amount and allocate it to the applicable discounts given account (check with your accounting advisor if unsure).

Sample invoice with separate discount line with negative value highlighted

Use a discount item (for a set dollar value)

Use a discount item (for a set dollar value)

If you regularly enter a specific discount on invoices, such as $10 off, you can create an item (similar to a stock item) to represent the discount. You can then add this item to an invoice.

To create the discount item

  1. From the Sales menu, choose Items.
  2. Click Create item.
  3. Enter a suitable Item Number and Item Name.
  4. Enter a Sell Price as a negative value to represent the discount, for example -$10.00
  5. In the Allocated to field, select any account. You'll need to change the allocation account of this item on the invoice.
  6. Select the applicable Tax type. Check with your accounting advisor if you're not sure what to choose.
  7. Click Save.
    Here's our example of an item which represents a $10 discount.

 

To use the discount item on an invoice

When you create an invoice:

  1. Add the discount item.
  2. Change the Allocate to account to your applicable discounts given account. Check with your accounting advisor if you're not sure what to choose.

Discount item on invoice with Allocate to account highlighted

Use a discount item (for a set percentage)

Use a discount item (for a set percentage)

If you regularly offer a specific discount on invoices, such as 10% off, you can create an item (similar to a stock item) to represent the discount. You can then add this item to an invoice and use it to calculate and apply the discount.

To create the discount item

  1. From the Sales menu, choose Items.
  2. Click Create item.
  3. Enter a suitable Item Number and Item Name.
  4. Enter a Sell Price as a negative decimal value to represent the discount. For example, a 10% discount would be -$0.10 and a 15% discount would be -$0.15
  5. In the Allocated to field, select any account. You'll need to change the allocation account of this item on the invoice.
  6. Select the applicable Tax type. Check with your accounting advisor if you're not sure what to choose.
  7. Click Save.
    Here's our example of an item which represents a 10% discount.
    example 10 percent discount item


To use the discount item on an invoice

When you create the invoice:

  1. Add the discount item.
  2. Change the Allocate to field to your applicable discounts given account. Check with your accounting advisor if you're not sure what to choose.
  3. In the Units field, enter the pre-discount value of the invoice. The discount percentage will be calculated.

This example shows an invoice for goods totalling $112. By entering 112 in the Units column for the discount item, a 10% discount is calculated.