Configuring Price Rules for QuickBooks Online!

QuickBooks Online Price Rules allow users to offer discounts (or higher prices) on specific products to types of customers. Users can set the amount of time the rule is in effect or make the rule permanent for specific customers or customer types.

Some possible uses for pricing rules are:

  • Seasonal discounts like summer sales or back-to-school sales
  • Discounts for specific fields like education or law enforcement
  • Different price rules for marketplaces because of fees
  • Prices based on the employee who performed the service

Turn on Price Rules

To get started, you’ll need to enable pricing rules in QuickBooks Online. Go to the Gera icon > Company Settings > Sales > Turn on price rules.

Gear Icon Account and Settings

Price Rules setting

Set up and Assign Customer Types

You’ll also want to set up and configure customer types if you’re planning on setting up price rules based on customers types.

For instance, you can create a new type of customer called Teachers. Customers who are assigned this type will receive the discount you specify in the price rule.

To create Customer Types, go to Sales > Customers > Customer Types. If this is your first customer type, you’ll need to click on New Customer Type.

Sales to Customer types

New customer type

Once you’ve configured your customer types, you’ll need to assign these types to your customers.

Select your customers and use batch actions to quickly assign customer types to your customers.

Select Customer Type

Once you’ve assigned types to your customers, you can set up price rules for those customer types.

You can’t assign more than one type to a customer, so any new type you assign will override the previously assigned type.

Enable the Customer Type column through the gear icon to make viewing types more convenient.

Customer Type Column

Create a Price Rule

For this example, we’re going to create two different price rules: a rule for a promotional period and a rule for a discount for Teachers.

The process to create price rules is essentially the same for any type of discount or price increase you want to create. For instance, service businesses may create price rules with higher costs for after-hours services (like locksmiths and plumbers).

Let’s start by creating a price rule for a back-to-school sale that runs through the month of August.

To get to your price rules, click on the Gear icon > All Lists > Price Rules > New Price Rule. Alternatively, you can go to Sales > Products and Services > More > Price rules.

Price Rules setting

We’ll create a price rule for a back-to-school sale. Don’t forget to save your rule when you’re done entering the details.

Price Rule settings

You can view all the original prices and the sales price with the rule once you’ve selected your inventory.

Price rule adjustment

Any sales document you create that falls in the promotional period will have the adjusted price instead of the original sales price.

If you don’t have a sales price entered for your inventory items, you’ll want to go back and do that now.

Next, we’ll create a permanent price rule (leaving the date fields blank) for Teachers. This customer type will have a 15% discount.

Price Rules Teachers

If you happen to have price rules that overlap, you’ll be prompted to select the rule to apply on the sales document.

This may happen if you have a price rule for a 15% discount for all teachers and another price rule for your back-to-school sale, as in this case. When this happens, you’ll see a warning symbol on the sales document, and you can select which rule to apply for the transaction.

Price Rule Warning

Select price rule to apply

Select which rule you want to apply to the sales document and then save. Don’t forget to receive payment if you’re creating an invoice and have already been paid!

There are some other considerations you’ll have to make when deciding whether to use price rules.

  • You can’t record the discount given to a different account.
  • You can’t add bundles to price rules. Instead, you’ll need to add the individual items to the price rule, and when you add the bundle to the invoice, the discount will apply.
  • Recurring transactions are not affected by any changes to price rules. That means any changes to the rule or any expiration on a price rule will not affect the transaction. You’ll have to edit recurring transactions to change them.

Price rules can save you a lot of time when it comes to documenting your transactions. Not only will they save you time, but these rules will also minimize any mistakes employees may make from data entry.

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Customer Types, Price Rules and Preferred Vendors in QuickBooks Online!

Check out these three new features for QuickBooks Online! Customer Types, Price Rules and Preferred Vendors are three new features that will help streamline your QuickBooks company.

What are Customer Types?

Customer Types allows you to categorize your customers for better management.

Group your customers into types, like Teachers, Seniors, Law Enforcement, or whatever type you want. This makes setting up price rules easier for types of customers instead of individually selecting them.

Access Customer types by clicking on Sales > Customers > Customer types.

Sales to Customer types

Once you create customer types, you can assign these types to your customer lists.

Create a label for the type and then save.

New customer type

After you’ve created the customer type, you can bulk assign the type to multiple customers. We’ve created one called “Teachers.”

To do this, select the customers and then click on Batch actions to assign customer type to the selected customers. From the dropdown menu, we’ve assigned “Teachers” to both customers.

Select Customer Type

What are Price Rules?

Price rules allow you to group your customers and offer different prices to each group. This categorization or grouping makes offering discounts to customers more convenient. You can now set up price rules using the following discounts:

  • Percent off
  • Fixed discount (dollar off)
  • Custom pricing

For instance, you can now set up a price rule that gives your senior customers a 10% discount, or you can set up a dollar-off discount for a specific period, like a Summer sale.

Turn on Price Rules by clicking on the Gear icon and then Company Settings. Under the Sales tab, click on Price Rules to turn it on.

Price Rules setting

You’ll want to create a new customer type once you’re done unless you want to assign customers individually.

Create Price Rules afterward.

Go to the Gear icon and All Lists. Click on Price Rules, which should have been enabled in your Company Settings earlier.

Price Rules setting

Add a new price rule to configure the price rule.

Price Rules configuration

On this screen, we’ve named the Price Rule “Education Discount.” Set a start and end date if you’re running a promotion for a certain period.

Since we’ve created the customer type “Teachers” earlier, we can select that from the drop-down menu under “Select customers” instead of individually selecting all the customers.

Select the products or services you want the discount to apply to. Then select the discount type. In this case, we’ve created a 10% off discount for selected products.

Percent Discount

Any new invoice or sales receipt you create will now reflect the adjusted price (discounted price) for selected customers.

Sales receipt with price

What are Preferred Vendors?

Setting up preferred vendors streamlines purchasing if you’re managing multiple employees.

By setting up preferred vendors, your employees will make fewer mistakes when making purchases.

Simply go to Sales > Products and Services and then edit each inventory item that you want to configure with a preferred vendor.

Edit Products and Services

Scroll down to to the Preferred Vendor field and select your preferred vendor. You can also add a new vendor here if your preferred one doesn’t show up.

Preferred Vendor option

Try out these new options today to see if they’ll save you time from managing your QuickBooks Online company!

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