Do you know How to Record Vendor Rebate in Quickbooks online account?
If you run a company with several vendors, you're probably used to paying them after receiving a bill or an invoice for a purchase. However, your vendor may owe your company money on occasion. You may be due a refund if you returned a goods due to damage or received the incorrect product. Alternatively, the merchant may give a rebate on an item you purchased.
You must input a "Vendor Credit" in QuickBooks Online if you receive a rebate or reimbursement. When you make a purchase from this vendor again, the credit will be applied. In most cases, inputting a vendor credit is simple, but there may be times when you are unsure how to appropriately record a vendor's credit. Here are some basic steps to take if this occurs.
For instance, suppose you ordered pens for your salespeople to use as promotional goods. Some of the pens are faulty or contain incorrect information. Your supplier offered you a $50.00 credit and a reference code to use on a future transaction.
This is how it functions. In the upper right corner of the screen, click the + (plus) sign. Then choose Vendors | Vendor Credit from the drop-down menu. A screen similar to the one seen above would appear. These fields will need to be filled out.
Vendor — Select the relevant vendor by clicking the down arrow in the field in the top left corner, or + Add New.
Change the default payment date to the right date if necessary.
Enter a reference number if one is available.
Click the down arrow on the right side of the field under Account details to open the drop-down list. Choose the account that was used when the expense was first created. Fill in the credit's Description and Amount.
You'll be able to type a Memo in the box at the bottom of the screen and choose any attachments from your file directories to include. Alternatively, you can save and shut or save and new.
There may be a need for additional input. You didn't need to think about much else on the Vendor Credit screen for this example. There are numerous extra fields on the row where you put Account, Description, and Amount that you may need to complete in specific instances. Billable, Markup percent, Tax, Customer, and Class are the terms used.