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Record a Credit Card Rebate

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:

  1. 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.
  2. Click Save.
    The system saves your chart of account for rebates.

Step 2:  Add Rebate Transaction

To add the rebate transaction:

  1. From the left navigation panel, click Accounting.
  2. From atop the Accounting left navigation, click Bank.
  3. On the Banks screen, either double-click the credit card bank, or single-click it, and then from the toolbar, click Details.
  4. Atop the Banks left navigation, click Transaction.
  5. 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.
  6. In the Amount field, enter the rebate amount.
  7. In the Payor field, enter the entity from which you received the rebate.
  8. In the Account field’s drop-down, click Rebate (created in step 1).
  9. 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?
  10. Click Yes.
    The system saves the rebate transaction.
Updated on March 25, 2022

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