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DSG1
September 23, 2020
Question

Account Balance Rebates

  • September 23, 2020
  • 1 reply
  • 0 views

How do I process an account balance rebate in the review tab of the chequing account downloads? This rebate occurs when a specific balance remains in the account over the month.

1 reply

LeithG
LeithG
September 23, 2020

Hi DSG1:

 

An account balance rebate can be processed either as miscellaneous revenue, or as an expense contra - say against your bank fees.  So there will be a debit to your bank account, and a credit either to revenue or expense.

 

Hope this helps!

D
DSG1Author
September 23, 2020

That sounds logical and easy but I am not sure how to do it. I am new to Quickbooks and do not have an accounting background. I need to know the steps to follow to complete the rebate. I went to the NEW button and do not even see the word DEBIT mentioned. I know how to do a credit card credit but am not sure how to do a credit to revenue or expense.  I checked the categories that appear when I click on the transaction in the banking tab and the terms - miscellaneous revenue and expense contra do not show in my list of options. Maybe those terms are somewhere else but I am not sure where to find them.

Thanks for your clear and concise answer but I need a lot more details before I can complete the task. I appreciate your patience!

N
Nick K
September 23, 2020

Hi DSG1,

 

Being able to track your transactions is a integral part of effective bookkeeping. QuickBooks Online makes it easy to create new accounts and track different balances and incomes. I'd be happy to help point you in the right direction.

 

To enter this balance into the correct accounts I'd recommend using a journal entry. This allows you to add and remove funds the correct accounts. You can follow the steps in this article on how to make a journal entry. As for what accounts to use I suggest contacting an accountant as they are trained on how to make these entries. If you don't have an accountant, don't worry we have your back. You can find one in your area by going to: My Accountant>Find a pro to help. 

 

Hope this helped.

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