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How Do I Record A Rebate Paid As A Credit?

The system keeps two separate accounts for suppliers.

One is an account that shows the invoices you have received and therefore how much you owe the supplier.

The second is a rebate account where all rebates owed to us by the supplier are recorded. If you receive a payment for your rebate claims, you would simply record it as a payment in the rebates account.

What if the supplier doesn't pay you but gives you a credit instead? You need to have an adjustment set up in both the supplier invoice account and rebate account called a 'Rebate Credit' which allows you to allocated the adjustment to existing transactions. Go into the supplier's rebate account and enter the adjustment. Allocate the amount against each of the claims being settled. Once you have done this, go into the supplier's invoice account and enter an adjustment for the same amount. Allocate it against outstanding invoices. You have now recorded your rebate credit.

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