Anticipated Rebates: book as receivable?

[cld76]

My controller (at my new job) is telling me to book a rebate from a local utility authority from 2010 as a receivable until we receive the check in December 2011. In past positions, we've always booked things like this when we actually receive/deposit the check (as income, with no receivable involved). My past and present experience are both with accrual accounting. Should it be booked now as a receivable or when the actual check is deposited (as income)?

 

[og954]

There is nothing wrong with booking it now if there is a more likely than not that your company is going to receive the rebate.