Can I change the Discount account on previously paid bills?

I had set up the Discount account for bills on which I get 2% off to the QB default, which is an Income account. I would like to change it to an account which is a Cost of Goods Sold account. There was no problem setting it up like that and using it for new bills, but I can't find a way to make the same change retroactively on previously paid bills. It occurred to me that I might just delete each payment and then recreate it with the new Discount account, but that seems like a lot of work and with a high error risk.

A bit of philosophy: QB seems to adhere to the old accounting practice that you never use subtraction, only addition, like in the days of manual calculations. But showing a 2% discount as income distorts the picture for me, I'd much rather see it as a decrease in my cost. End of opinion.

Renny

Reply to
Renny Bosch
Loading thread data ...

Oh, and one more thing: Happy Valentine's Day!!

Reply to
Renny Bosch

LOL! Wrong holiday!

Reply to
Laura

Are you refering to discounts for paying vendor bills early? Or giving customers discounts? A vendor discount belongs in COGS while Customer discounts are Income impacting.

If you have vendor discounts as Income then your QB file was setup incorrectly.

The only way to move EVERYTHING would be to change the G/L account from Income to COGS or to change the account on an ITEM. Either method will impact history too. I would just edit 2009 transactions and leave your history alone.

Reply to
Laura

I was referring to discounts earned by paying vendors early, so apparently my QB was set up wrong.

How can I edit 2009 transactions, without deleting and recreating? When I click on an entry in the Discounts Earned list (from the P&L), all I get is a copy of the check used to pay the bill and referring to a discount date but no way to change the account involved. I tried following the History but that only gets me back to the bill with the discount not yet applied. There must be a secret passage somewhere to get at the discount account used but I haven't been able to find it.

PS: Sorry for getting uncle Pat confused with uncle Valentine.

Just make a simple journal entry.

Reply to
Haskel LaPort

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.