Price levels allows you set custom pricing for different customers or jobs. When you define price levels and assign them to customers, QuickBooks takes care of adjusting the prices on every invoice you create. You can also apply a price level to specific lines on invoices to mark up or discount individual items.
Fixed percentage price levels allows you increase or decrease prices of all items for a specific customer or job by a fixed percentage. If you have a fixed set of discounts, you might name the various levels by the percentage, like Discount 20 for example. An alternative is to name them by their purpose, like NewCustomer. That way, it's easy to change the discount amount without changing the price level's name.
To create a price level, make sure the price level preference is turned on. If QuickBooks' Price Level preference is turned off, you won't see the Price Level Item in the List menu. Check it at Edit - Preferences - Sales & Customers, and then click the Company Preferences tab. Select the Enable Price Levels radio button, and then click OK.
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