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Collection of a rebate received from the bank

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There are several methods depending on the reason for such a rebate and how it is paid by the bank.

 

 

If You Have Received a Check

 

•Use the menu: Transactions>Collection by Checks or Cash

 

•Select the option allowing to display all the accounts of your bookkeeping ("Show all accounts (except Payables)" and select the appropriate account depending of the kind of rebate you have received:

 

•Rebate for bank fees already paid to the bank
•Select the expense account "Bank Fees"

 

•For additional interests on deposits or investments
•Select the revenue account "Interests on deposits or investments"

 

•Rebate for interests you have paid on loans
•Select the expense account "Interests paid on loans"

 

•Key in the amount of the check received in the column "Check" (and type the check number if you want)

 

•Process. It's done!

 

•The deposit slip has been updated with the check (and check number) and will be part of the next deposit you are going to process

 

•Of course, all accounting entries have been done correctly in the chosen accounts

 

 

Rebate Deposited Directly Into Your Bank Account

 

•If the bank has deposited the amount directly into your bank account, use the menu Transactions>General and process one of the following entries:

 

For a rebate for bank fees

•Debit your involved bank account (Assets)
•Credit the expense account (Bank Fees)

 

For additional interests on your investments or deposits

•Debit the involved bank account (Assets)
•Credit the revenue account "Interests on investments or deposits"

 

For a rebate on interests already paid on loans

•Debit the involved bank account (Assets)
•Credit the expense account "Interests paid on loans"