Depositing Refunds and Rebates

How do I enter a deposit for a refund or rebate check that I received from a vendor?

The way you handle refunds and rebates depends on when you get the rebate.

Rebate and Refund Checks

If you receive a refund, credit or rebate check from a supplier after you've made a purchase, first enter the vendor credit. To do so, follow these steps:

1. Choose Material Purchases from the Costs menu.
2. Click the New button.
3. Enter the vendor into the Supplier field.
4. Enter a brief description of the rebate or return into the Brief Description field.
5. Enter the amount of the rebate into the Gross Price field.
6. Click on the Apply To popup field on the right, and choose Credit. Goldenseal will automatically convert the amount to a negative number.
7. Enter job cost info for the rebate. You can assign it to a specific customer or project, or assign it to an overhead account.
8. Hit the Enter key to save the record.

HINT-- If you get a refund from a subcontractor, follow the same steps, but choose Subcontractor Costs at step 1.

Next, deposit the refund or rebate into your checking account. To do so, follow these steps:

1. Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
2. Click the New button.
3. Enter Deposit into the Type popup field at top center.
4. Enter Material into the Received From popup field.
5. Enter the supplier into the Account field.
6. Enter Material Refund into the Transaction Paid popup field.
7. Enter the purchase into the Reference field (you can click on the popup button to see a list of undeposited material refunds).

HINT-- If you deposit the check into a non-checking account, choose Savings Transactions, Loan Transactions or some other banking transaction at step 1, then follow the remaining steps.

Instant Rebates

If you get an immediate rebate right when you make a purchase, you can just subtract it from the purchase amount when you enter the Material Purchase for the item you bought.

HINT-- If you want to show the rebate in the purchase record, enter a note in the Comments field, or use a Category or Item breakdown so you can show the full price and then subtract the rebate amount.

To return to expense topics, click here.

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