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Post Info TOPIC: Supplier Rebate
Rhianrach


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Supplier Rebate
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Hi All

 

I'm thinking of posting a supplier rebate in direct costs, offsetting the main supply from them. Would this be the right way or would it be better to post it as an income of sorts?



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Steve
Cheshire


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Isnt this a big question now after the Tesco debarcle (or have I missed the point?). Interested to hear an answer on this one Steve.


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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Rhianrach


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Hi Joanne

Why what happened? Sorry i don't watch the news as it all seems to be doom and gloom.



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Steve
Cheshire


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Have a read of this - uk.reuters.com/article/2014/09/23/uk-tescoaccounting-idUKKCN0HI2DF20140923

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Rhianrach


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Thanks Joanne

It looks like the accounts dept were basing revenue from unknown or predicted rebates.

I'll post it to cost of sales with dates so it can be accrued if necessary at the end of the year.

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Steve
FoxAccountancyServices


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Hi Steve,

Do you have more details on what the rebate is for?
Is there VAT on it?

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Rhianrach


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Hi Michelle

Yes there is VAT, much like a credit but called a rebate and is based on the total value of purchases from a supplier in a year. So we got 2% because we were in a particular band.

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Steve
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