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mimi31
Level 1

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

Credit Card Reward Cash was an issue directly to pay off the credit card balance. How to record this in QuickBooks? No cash was issued to the checking account. Just credit to the credit card. Thank you for your help.  

6 Comments 6
Rustler
Level 15

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

Show a deposit to the cash type bank account, then pay the CC from the cash type bank account.  Use other income when entering the deposit as the source account for the deposit

mimi31
Level 1

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

Thank you. How do I Show a deposit to the cash type bank account? 

Rose-A
Moderator

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

I'd be glad to help you show a deposit to the cash type bank account in QuickBooks Online, mimi31

 

You can follow the step-by-step process below to show the deposit to your cash account. 

 

  1. Click + New in the left panel and select Bank Deposit.
  2. From the Account ▼ drop-down, choose the account you want to put the money into.
  3. In the Add funds to this deposit field, choose the relevant account.
  4. Enter a value under the Amount column.
  5. Hit Save and close.

 

In case you need more details with depositing your money in QuickBooks, you can go through this article: How to Record Bank Deposits in QuickBooks Online. It contains more information on how bank deposits work in QuickBooks as well as recording bank fees using this method.

 

If you have any follow-up questions about bank deposits or need further assistance with QuickBooks, please let me know. I'm always here to ensure I've got you covered. Have a good one!

mimi31
Level 1

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

Thank you. After creating a deposit to "other income", how do I record this amount went to pay off the credit card balance?

mimi31
Level 1

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

Thank you. I created a deposit to "other income". How can I record that this amount was used to pay off a business credit card?

MJoy_D
Moderator

Credit Card Reward Cash was issue directly to pay off credit card balance. How to record this in quickbook?

I can share additional information on how to record payment made to the credit card account using the Credit Card Reward Cash, @mimi31.

 

You can use the Credit Card Credit feature in QuickBooks Online (QBO) to adjust the credit card balance. 

 

Here's how:

  1. Go to the + New button and choose Credit card credit.
  2. Find the credit card account from the Bank/Credit Account drop-down box.
  3. Under the Category details, set the accounts that should be affected. I also suggest consulting an accountant for guidance with the best category to use.
  4. Enter the other needed information.
  5. Select Save and close.

Check this article for more information: How can I record a cash back to my credit card account?.

 

The following reference provides you detailed guidance on how to transfer funds from a bank to a credit card account.

 

I'm always here if you need more help in recording your credit card payment and or anything else. Take care and have a wonderful day!

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