The Discount profile list allows you to come up with general discounts can be applied to specific orders. This differs from the Price Levels discounts, as it is applied to the entire order, and can in fact be combined with price level reductions.
To add a new discount, choose Save & New from the tab's Save tool.
You need only specify a Name for the discount, a Percentage off to give from the order total, specify whether the discount is Taxable, and finally, choose the Account from which the discount will be deducted.
If the Discount is inactive box is checked, then the discount will not be available for selection on the Discount drop-down list on Sales Quotes and Sales Orders, though it will still be retained in the database.