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Vendor Rebates in Quickbooks, you input a vendor credit in QuickBooks Online (QBO). A seller may provide you with credit paperwork indicating that you no longer owe the amount listed on the document, or the vendor may give you a refund check.

You enter a vendor credit and then apply it when you pay the vendor's bill if the seller issues a credit document. You still enter a vendor credit when a vendor provides you a refund check, but you also enter a deposit and then link the deposit to the refund check.

To enter the vendor credit, follow these steps:

  1. Choose Vendor Credit from the Create menu that comes after clicking the Create plus (+) sign.
  2. The Vendor Credit window appears in QBO.
  3. Choose the creditor who gave you the credit.
  4. Fill in the credit's expiration date.
  5. Fill in the credit limit.
  6. Select the account used on the initial bill in the Account Details section.
  7. Select the things you returned in the Item Details box if you received the credit because you returned items to the merchant.
  8. You can choose to attach an electronic copy of the credit to the Vendor Credit transaction by scrolling down.
  9. Choose Save and Close from the arrow beside Save and New.

The Save option mentioned in Step 7 is known as a persistent preference, which means that it will show as the default Save option the next time you see this screen after you select Save and Close.

  1. Choose Bank Deposits from the Create menu that comes after clicking the Create plus (+) sign.
  2. The Deposit transaction window appears in QBO.
    1. Enter the following information in the Add New Deposits section:
    2. Select the seller who issued the check in the Received From column.
    3. Select the Accounts Payable account from the Account column.
  3. Fill in the check amount in the Amount column.
  4. Choose Save and Close from the arrow beside Save and New.
  5. Because you previously selected a different choice, the Save option acts as a sticky preference, and you may not see Save and New.
  6. Choose Expense from the Create menu that comes after clicking the Create addition (+) sign.
  7. Choose the merchant for whom you placed a refund check.
  8. QBO shows the balances of your deposits, credits, and bills.
  9. Add the outstanding vendor credit by clicking Add.
  10. In the Deposit section, click Add.
  11. QBO creates a Bill Payment transaction with a net value of $0 when you combine these two transactions with the Expense. The vendor credit is also applied to the deposit by QBO.
  12. Choose Save and Close from the arrow beside Save and New.

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