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If I were keeping track of everything, I would keep the rebate income separate, but have it mapped to cost of goods sold so that when you pull an income statement, the rebate is included in Cost of Goods Sold, but you have visibility and can pull reports which show you how much rebates you have been receiving
Does this make sense? You should have visibility into what rebates you are getting, because you know one day someone will ask for it, and it's easier just to pull a report than to pull all your transactions and weed out the credits for the rebates.
You want the rebate factored into cost of good sold.
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