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Level 3

Rewards Redemption Transaction on Credit Card

The Credit Card used by the company collects points. They just cashed in some points and received a $1300 Rewards Redemption to their Credit Card account.

Is the transaction a "Credit Card Credit" from the Credit Card?

How do I process this transaction in the "For Review" tab?

 

1 Comment
QuickBooks Team

Rewards Redemption Transaction on Credit Card

Hi DSG1,

 

Being able to enter all transactions made on your credit card is the corner stone to good bookkeeping. I'd be happy to help you with this entry.

 

QuickBooks Online makes entering transactions easy to help you save time. When redeeming cash back rewards you'll need to make sure it's entered to keep your accounts up to date. In order to make a cash back rewards entry you can follow these steps.

 

  1. Select + New.
  2. Select Credit card credit.
  3. Find the appropriate account from the Bank/Credit Account drop-down box.
  4. Under the Category details, select the account that you have for your cash back rewards whether expense/income account as you see fit.
    Note: If you don't have an account to track your cash back rewards, you need to create one. Please see How to create a new parent account or subaccount.
  5. Enter the other needed information.
  6. Select Save and close.

If the rewards are different than cash back rewards I recommend speaking with your accountant as they are trained on how to make these entries. If you don't currently have an accountant we can help. You can go to: My Accountant>Find a pro to help. This will bring you to our find an accountant page to help you find one in your area to help.

 

Have a great one!