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helmle
Level 1

Is there a way to record a vendor rebate certificate in Quickbooks? We receive rebates from Menards and purchase supplies with them, so I need to know how to record them

 
3 Comments
Pabz_L
QuickBooks Team

Is there a way to record a vendor rebate certificate in Quickbooks? We receive rebates from Menards and purchase supplies with them, so I need to know how to record them

Welcome to Community, helmle.

 

I understand the importance of tracking all of your business transactions inside QuickBooks. Let me help you to record your rebate from your vendor.

 

First, let’s make a deposit to record the rebate you’ve received.

  1. Go to Banking.
  2. Select Make deposits.
  3. In the Received From, enter the vendor name.
  4. Under the From Account, click on the Accounts Payable account.
  5. In the Amount column, enter the actual amount.
  6. Click Save and Close.

Once completed, let’s enter a Bill Credit. You can use this to record the amount of the rebate. Here’s how:

  1. Go to the Vendors menu, then select Enter Bills.
  2. Select Credit button.
  3. Enter the Vendor name.
  4. Select the Expense tab and enter the Accounts you would use.
  5. Enter the exact amount in the Amount column.
  6. Then Save & Close.

Lastly, let’s linked the deposit to the Bill credit.

 

Go to the Vendors menu, click Pay Bills.
Check the Deposit that matches the vendor check amount.
Select Set Credits and apply the Bill Credit you created earlier then select Done.
Click Pay Selected Bills, then select Done.

 

For your future reference, you can also Record a vendor refund in QuickBooks Desktop.

 

Please reach out again if you need further assistance. Have a nice day!

Crystal39
Returning Member

Is there a way to record a vendor rebate certificate in Quickbooks? We receive rebates from Menards and purchase supplies with them, so I need to know how to record them

What if the rebates are used as in store credit at time of purchase? Do those need to be recorded? 

MariaSoledadG
QuickBooks Team

Is there a way to record a vendor rebate certificate in Quickbooks? We receive rebates from Menards and purchase supplies with them, so I need to know how to record them

Let me guide you on how to record these rebates, Crystal39.

 

If these are customer rebates, you can create an income account to record rebates and a charge item for each rebate. To create an income account. follow the steps below.

  1. Click on Lists from the menu bar.
  2. Choose Chart Of Accounts.
  3. From the Account drop-down, select New.
  4. Select Income from the Account Type window.
  5. Click on Continue.
  6. Enter the Account Name and other details.
  7. Click on Save & Close.

Then, create a Rebate Charge Item:

  1. Go to Lists on the top menu and choose Item List.
  2. Click the Item button at the bottom of the screen, and select New.
  3. Select Other Charge from the Type drop-down. Enter a name and description for the rebate charge item in the applicable fields.
  4. In the Account field, select the income account you created to handle rebates from the list of available accounts.
  5. Delete any figures from the Tax Code field. Leave the entry in the Amount field as "$0.00".
  6. Press OK.

Next, create and redeem a rebate by giving your customer a credit or refund. Please read this article for steps: Give your customer a credit or refund in QuickBooks Desktop for Windows.

 

For your reference, run a report and customize them to get the information you need. Visit this article for more information: Customize reports in QuickBooks Desktop.

 

Please let me know if you have any questions about rebates. I'm always right here to help you. 

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