Rebate / Holdback Payment Difference - Xero Accounting

Modified on Mon, 26 May at 2:17 PM

This article will cover if the rebate / holdback payment received from the Vendor / Supplier is more than the cost adjustments completed in Blackpurl


To process a Unit Cost Adjustment in Blackpurl, please review our article - How to Process - Unit Cost Adjustment



Example

 

  • The Dealership received payment for rebates or holdbacks but the amount is higher than what you have processed through Blackpurl


  • This would mean you will need to create a Credit Note in Xero on the Vendor / Supplier for the difference of your Blackpurl Cost Adjustment and what they paid


  • In Xero, from the header > Business > Purchase overview


  •  Click on New and select credit note

 

  • Create credit note with the information required Including Cost of Goods (COGS) account that you want to credit / amount / date / Tax type - then click Approved


 

  • Once all credit notes are on the Vendor / Supplier account matching the amount you have received from the Vendor / Supplier, from the Xero Header > Business > Purchase overview

 

 

  • Select See all

  • Find the credit notes you have received the payment for



  • Select them one at a time and process the payment for each and click add refund




Reconciling your Bank Line item

 

  • Go to Dashboard and click reconcile on the appropriate bank account

 

 

  • Find the payment amount you have received in your bank that you want to reconcile with the credit notes and Click on find a match

  • Then once open you can search by name or amount



  • Click the checkbox beside the line and it will transfer that amount to the bottom section of the page. The amount should have a green box on it then click > Reconcile


Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article