In order to ensure your posted entries for rebates and any reversals post correctly to your "Chart of Accounts", there are a number of G/L Accounts required.
Here, you are welcome to use existing G/L accounts so if you already them created, you can ignore the below steps and continue with the setup for the No Series in the next article. If you do need to create new G/L Accounts, below details these further:
Sales
- Rebate Sales (Income) GL – The G/L you want to post your accruals into within your Income Statement
- Rebate Liabilities (Balance Sheet) GL – The G/L you want to post the balancing amount into
- Sales Rebate Document Output Acc. GL – The G/L you want to post the Sales Credit Memo/Purchase Invoice to on your Balance Sheet (we suggest this is an account that has Direct Posting as 'true').
Purchase
- Rebate Purchase (Income) GL – The G/L you want to post your accruals into within your Income Statement
- Rebate Assets (Balance Sheet) GL - The G/L you want to post the balancing account into on the Balance Sheet
- Purchase Rebate Document Output Acc. GL – The G/L you want to post the Purchase Credit Memo into
- (we suggest this is an account that has Direct Posting as 'true').
The fields above exist on the "Rebate Setup" page so once the G/L accounts have been created within your "Chart of Accounts", they can be populated here. Please refer to the "Rebate Setup" page for more information.