Hi there, Accounting704. There are two ways to record the rebate in QuickBooks Online (QBO), you can either apply it as a Vendor Credit or as a Deposit.
When applying it as Vendor Credit, this reduced the amount you owe for your future bills. Here's how:
- Hover to + Create, then select Vendor Credit.
- Choose the Vendor who gave you the rebate.
- In the Category details section, select the appropriate category for the account you used to purchase the items.
- Enter the amount of the rebate.
- Click Save and close.
On the other hand, if you received a Vendor Rebate as actual payment or cash, you can record the funds as a deposit. In doing so, I suggest consulting your accountant to ensure the rebate is recorded under the correct income account for accurate bookkeeping.
Hit the Reply button below if you have further questions about the vendor rebate.
