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A
A6000
December 6, 2023
Question

How do you record rebates and refunds from bank

  • December 6, 2023
  • 1 reply
  • 0 views

Hi,

My bank charges a monthly fee of $19, but if I maintain a minimum monthly balance, the fee is waived and added back as a fee rebate.

QBO suggests I record the rebate as 'uncategorized income'

If I do this, it appears every month I have an expense of $19 and an income of $19.

What is the best way to record this transaction?

 

There's also a transaction where the bank refunded some charges made due to a bank error.

How do I record this type of situation?

Thank you.

1 reply

A
Alex M
December 6, 2023

Hi there A6000,

 

It's important that all your transactions be entered correctly for your books to be well balanced. QuickBooks Online is a great able to help you keep track of sales and expenses so you can keep track of sales and expenses so you can view the profit of your company. I can provide some information about bank fees.

 

When you receive the bank fees back as a refund, you could possibly enter it as a supplier refund using these steps. In the category when creating the supplier credit, pick the same category that you normally use when creating the transaction for bank fees. Once the credit is created, follow the steps in the same article to create the deposit, and then you can match the transaction in the Banking tab to the newly created deposit.

 

If you have any other questions, feel free to reach out here.

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