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We get asked about trade-ins all the time. Here is how to do them.
Note: The Use with QuickBooks Financial Software box must be selected in Company Preferences to use this process even if the QuickBooks financial software is not actually used.
1. Taking the item in trade:
- A. In the Point of Sale item list, create the item being taken in trade as an inventory item with the trade-in price but a zero quantity.
- B. Create a receipt for the customer with the trade-in item on it showing the quantity as one. Click Return Item under the item. The receipt should have the customer’s name on it.
- C. Click Account and select Make payment on account.
- D. Click Save and click Print Receipt. If QuickBooks financial software is interfaced with Point of Sale, this will create a credit for the customer during the End of Day process.
2. Using the trade-in item against the purchase:
- A. Create a receipt for the item being purchased and click Account.
- B. Enter the amount of the trade in that was previously taken and select Charge to account.
- C. Depending on how the customer is paying the difference, click the appropriate tender button at the bottom of the receipt.
- D. Complete and print the receipt.
3. If using QuickBooks financial software, the customer’s account must be cleared after the End of Day process is run:
- A. In QuickBooks financial, open a Customer Payment window and place the customer’s name in the Received From field.
- B. The Customer Payment window will reflect both the invoice created by the sale and the credit created by the trade-in. These will be equal.
- C. Apply the credit to the invoice and save the transaction. This completes the process.
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