You can record rebates that appear on your credit card statement for office supplies, computer equipment purchases, and more.
Step 1: Create a Chart of Account
To create a chart of account for rebates:
- Create a chart of account.
- Use an account number in the 6400 range since a rebate COA is an expense.
- Name the account Rebates.
- Choose Account Type Expense.
- Click Save.
The system saves your chart of account for rebates.
Step 2: Add Rebate Transaction
To add the rebate transaction:
- From the left navigation panel, click Accounting.
- From atop the Accounting left navigation, click Bank.
- On the Banks screen, either double-click the credit card bank, or single-click it, and then from the toolbar, click Details.
- Atop the Banks left navigation, click Transaction.
- From the toolbar atop the Transaction screen, click Add > Payment.
The Add Transaction screen opens. The Type and Method auto-populate with CC Payment and Credit Card, respectively.
- In the Amount field, enter the rebate amount.
- In the Payor field, enter the entity from which you received the rebate.
- In the Account field’s drop-down, click Rebate (created in step 1).
- In the lower right corner, click Save.
A warning message reads: You are allocating outgoing funds to an account which is normally used for incoming funds. Do you want to continue?
- Click Yes.
The system saves the rebate transaction.