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Entering Sales Information, Part 2

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

  • Intro 0:00
  • Using Multiple Price Levels - Create New Price Level 0:07
    • Create Price Level List
  • Associating Price Level with Customers 4:27
    • Edit Customer
  • Using Price Levels on Sales Forms 7:09
    • Choose Rate
  • Assigning Price Levels To Individual Line Items 10:38

Transcription: Entering Sales Information, Part 2

Welcome back to

This is QuickBooks lesson regarding entering sales information.0003

We are going to go ahead and begin this lesson by using multiple price levels and how to create new price levels in QuickBooks.0008

Now, understanding the last lesson we had, there is a previous lesson where we actually created a new service item,0016

so, that this sample company could begin selling that new service item and those services and products.0024

So, we showed you how to add new service items or new sellable items and products by using the Item list under Lists.0032

Those are all of our different products and lists.0041

Now, we are going to go ahead and show you how to do a price level.0044

For instance, we might have a standard rate for most of our customers when we sell a product or service.0048

But, we might have a special discount for, maybe, a type of customer that we have,0055

maybe commercial customers that we are offering, maybe, a 10% discount for those products and services across the board.0060

So, on our retail section, we might have our retail clients where they are getting the standard rate.0068

But, then, when we have a commercial client, we are giving them a 10% discount.0074

So, we are going to go ahead and show you how to create a pricelist for a certain type of customer.0079

In order to do that, we are going to go ahead and look at our pricelist, and we will look at under Lists, we will notice that we have a Price Level List.0086

So, we will click on that and see that we have certain types of price levels for discounts or other types of varied items.0097

What we want to do now is we are going to create a price level list that is called Commercial for commercial clients.0110

Maybe we are going to offer that 10% discount across the board on every item that we sell, products and services for our commercial type clients.0117

So, in order to do that, under the Price Level List, there is the dropdown button under Price Level on the lower left hand corner.0127

We are going to go ahead and click on the dropdown button, and we will click on New.0135

Again, notice how QuickBooks is uniformed in all of their forms and how to create items and new chart of accounts and new customers from our lists.0140

It is always in the same area, so we will click on New, and here, under the Price Level Name, we are going to type in Commercial.0150

So, we are creating a new price level called Commercial. Under the Price Level Type, we will use the dropdown field.0161

Now, take a note that the Price Level Type field is only selectable with QuickBooks Premier or higher.0169

So, if you are actually using QuickBooks Standard or Basic, you are not going to have that particular option.0176

You can still add price levels, but you only have a will not have this option.0183

But, with the option of having QuickBooks Premier or higher, QuickBooks Enterprise or Account version, we will go ahead and choose the fix percentage.0191

Under the Price Level will, if you use that dropdown menu, it gives you either Decrease or Increase.0206

In this case, for commercial, we want to decrease those items by 10%.0216

Now, here, we have an option of decreasing the standard rate of that item, any given item, and rounding it to the nearest dollar or 10 cents or 1 cent.0224

We can round it up, round to the nearest penny- 2 pennies, 10 pennies, whatever.0236

In this case, we want to round it to the nearest whole dollar minus 1 penny.0241

We will show you how that actually effects when we get into applying that discount, that price level to a billing.0247

Now, we will go ahead and click on OK, and we have added that new price level list.0257

Next, we are going to go ahead and discuss how to associate a price level with customers.0268

So, we can actually assign certain customers to have that price level every time we invoice them,0274

so that it is not mistaken that we do not overbill them or underbill them.0279

And we are billing them according to whatever we have made an agreement with them on.0284

You might have certain customers that you give a larger discount because of other negotiations that you might have made.0287

So, we are going to go ahead and show you how to do that, and I am going to close the Price Level list.0296

And we are going to go into the Customer Center bar, the menu option under Customers. We can look at our Customer Center.0303

Of course, we also know we can enter and get into the Customer Center by choosing the Customer0311

dropdown icon up the Customer menu item and choosing the Customer Center from here, as well.0317

Under the Customer Center, we are going to notice that there is a...we are going to find a particular client here.0326

And we will see if we can find a client named Lou Plumbing-C.0335

And we will choose that if you can find Lou Plumbing if you are using the sample company, sample Rockcastle Construction that came with this lesson.0343

We are going to look at that, and we are going to edit the customer over here in the upper right corner of that customer.0352

After we see that, we see the general information, we are going to choose Edit customer.0358

And now, if you get a message that says Add or Edit multiple list entries, items,0366

the feature appears, any other message, just go ahead and click OK and close that window.0372

But, you should be to the Customer Information here on the Address tab defaulting there.0377

We are actually going to click on the Additional Information tab.0382

And from here, we are going to see the Price Level option on the upper right of that screen.0388

We will drop that menu down, and we are going to see the new price level that we just added, and we are going to choose Commercial.0395

So, we have taken care of that and chosen that. We are going to go ahead and click on OK to close the Edit customer field.0404

Now, we have assigned that price level to that customer.0411

And here, it shows in their general information the Customer Information screen here at the bottom right corner of their information.0417

So, now, we have assigned them that new price level.0424

The next item that we are going to do now is show you how to use those price levels on sale forms. We have various sales forms.0429

The one that we are going to look at right now is we are going to look at the invoicing on how to use that price level0439

and how it is going to affect that customer and how it is going to affect the various rates on our items.0446

So, we are going to make sure that we have our Lou Pluming-C highlighted in the Customer List.0456

And what we are going to do now is we are going to click on New Transactions.0466

And we are going to choose Invoices because we are going to invoice this customer.0472

Once it has the customer of Lou Plumbing-C in the Customer dropdown list, we are going to hit tab.0478

It will fill in the rest of the information, the Bill To, and from here, we are going to go ahead and choose an item to bill.0486

From here, we might go ahead and bill framing or something of that nature. I think we might use cabinets and choose the cabinet poles.0496

Actually, let's go ahead and choose light pine cabinet. How is that?0513

We will go ahead and sell them a light pine, OK?0516

And actually, let's just do the cabinet poles. There you go.0522

Choose cabinet poles, and we are going to sell them 8 of those, so under Quantity, we will type in 8.0526

And under here, under the Rate, we can choose that rate and choose Commercial.0536

Let's try the cabinets, actually. Oops, that is the wrong one.0548

We are going to actually choose the cabinet light pine, so there is a different value there, and we are actually going to sell them one of those items.0550

And we could pull down the rate and choose Commercial, and we will notice that the price is a little different.0559

Here, it shows us 1619.99, but if we drop down on the Lists and look at our Item List under Cabinets, the regular price is 1799.0564

So, we have a 10% discount rounded up to the nearest dollar, minus 1 penny.0579

And it gives us 1619.99, so that is 10% off rounded up to the nearest dollar, minus 1 penny. That is the calculation for us, for 1619.99.0587

So, we can go ahead and invoice this item that we are selling to them and go ahead and save and close.0600

Now, we have went ahead and utilized that price difference there for that customer and invoicing it and assigning that to an invoice.0612

So, we have all that taken care off.0622

And we noticed how it works with the standard pricing, how it applies that discount for that price level for that particular customer.0624

Now, I will be showing you how to use the price levels on sales forms.0635

We are going to go ahead and redo and look at again assigning those price levels to individual line items.0639

So, making sure that our Lou Plumbing-C customer is highlighted, we are going to go ahead and do a new transaction.0647

Click on Invoices to bring up the Create Invoices window, and we will hit tab selecting that particular client.0657

Under the Item List, we are going to type in LK Doorknobs, and it should pull up doorknobs for sale.0667

The regular rate gives us a 34.99 rate on that if we go ahead and look at the Lists.0675

Go Lists in Item Lists, we can go down to our LK Doorknobs and that the regular rate is $38.0683

So, we see that it assigns the discount because this client is commercial.0691

But, from here, we can actually choose a different rate, so we can say "Well, we are just going to sell for base sales price at $38".0697

So, it is going to change it to the regular rate.0706

It defaulted to the commercial rate of 34.99, which is 10% of $38 rounded up to the nearest dollar minus 1 penny, which is 34.99.0708

But, here, we are going to go ahead and choose the base sales price of $38 to sell them one interior locking door knob.0719

We will go ahead and hit Save and close, and we have just went ahead and billed that customer a regular price for that door knob.0731

Thanks again for using We will see you next time.0745