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Joy1317
Level 1

Voucher

How do handle this.

 

 

i received a voucher from costco worth $200.check

 

i redeem $160 to buy some personnel incentives

 

 

so there is a change of $40

 

 how do u record it in quickbooks?

3 Comments 3
ChristieAnn
QuickBooks Team

Voucher

Hi there, Joy1317.

 

To start recording the voucher received from the customer, I suggest creating a Petty Cash account first. This is a convenient supply of cash so you can use it to pay small expenses.

 

Here's how:

 

  1. Go to the Gear icon ⚙ and select Chart of Accounts.
  2. Select the New button.
  3. From the Account Type drop-down, choose Bank.
  4. From the Detail Type drop-down▼, select Cash on hand.
  5. Enter Petty Cash for the account name.
  6. The opening balance will be created when you move money from the checking account by writing a check or transferring funds. If you already have money to use for petty cash, enter the amount in the Balance field, and choose the as of date.
  7. Hit Save and Close.

 

 

 

Now that you've created the account, I recommend creating a bank deposit to put the $200 money into it. Please click this article to see the steps: Record and make bank deposits in QuickBooks Online.

 

 

 

 

Once done, you can enter a bill in QuickBooks Online for $160 and pay this bill using the Petty Cash account. Please follow the steps below.

 

  1. Select + New and choose Bill.
  2. From the Vendor dropdown menu, select a vendor.
  3. From the Terms dropdown menu, select your preferred bill's term. The terms show when the vendor expects payment.
  4. Enter the $160 in the Amount column.
  5. Enter the other needed information in Category or Item details.
  6. Hit Save and close.
  7. Click the Plus icon again and choose Pay bills. Then, choose the Petty Cash account you created in the Payment account and enter or verify the Payment date
  8. Select the checkbox for the bill to pay and make sure you choose the $160 bill that you've made.
  9. Enter the amount of the payment to be applied to the open bill. 
  10. Hit Save and close.

 

 

 

 

For additional information, you can click this article: Enter and pay bills.

 

Then, you'll have the options on how you can use or apply the remaining change of $40 with other transactions. 

 

I'm also adding different articles to further guide you in effectively managing your business using QBO: Help guide for QuickBooks Online. It contains topics about advanced accounting, banking, and payments.

 

Don't hesitate to leave a comment below if you have any other questions. We're always here to help. Take care!

Joy1317
Level 1

Voucher

Its not a voucher its a rebates. Im sorry. And also the change of 40$ is a cash.

Jen_D
Moderator

Voucher

Thanks for visiting the QuickBooks Community page, @Joy1317,

 

There are a couple of ways to record a rebate. First you can enter it as a Vendor Credit in QuickBooks Online. The steps are easy, here's how:

  1. Click on + New then choose Vendor credit.
  2. In the Vendor drop-down, pick the vendor.
  3. Depending on how you record purchases with this vendor, enter the Category details or Item details. Usually, this is the category, product, or service you’re getting a credit for.
  4. Hit Save and close.

 

This article explains exactly how a credit is used as payment: Enter a credit from a vendor

 

Another option is creating a service item in Products and Services referred to as Rebate. Here's how:

 

1. Tap the Gear icon then Products and Services.

3. Click the New button in the top right corner.

4. Use Service.

5. Name it Rebate and fill in the other information.

6. Press Save and close.

 

To record the change, you can enter it as a deposit. Refer to the steps on ChristieAnn's response.

 

Please tag if you need anything else. I'll be right here to guide you further with the rebates. Have a good day!

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