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Hi! I'm new to QBO and accounting in general, so forgive me in advance for naive questions!
Just trying to figure out the best way to handle Reward Credits on our credit card statement. Should I book these as a negative entry against my "Bank Charges/Fees" expense account? Or should I create an account just for these credits? Or is there a better way to handle this?
Thanks in advance for your help!
Solved! Go to Solution.
Welcome to the QuickBooks family, @Teesa66. I'm here for you to lend a hand.
You can record the reward credits as Credit Card Credit while other entrepreneurs use Other Income as the affected account. Though, you can create an income account specifically for reward credits (Optional).
Here's what you'll need to do in creating an income account:
Once done, let's now create a Credit Card Credit for reward credits.
You may also want to consider checking with your accountant for guidance on what's the best process for you in this kind of situation. Since each business has a unique structure, and it's the same with the accounts used when tracking transactions.
Additionally, I want you to get the most out of QuickBooks for your business. You can check some articles that are designed to help you get acclimated with the software. They can be accessed at the following link: QuickBooks Tutorials.
Should you need anything else, let me know by commenting below, I'm always here for you. Have a wonderful day!
Welcome to the QuickBooks family, @Teesa66. I'm here for you to lend a hand.
You can record the reward credits as Credit Card Credit while other entrepreneurs use Other Income as the affected account. Though, you can create an income account specifically for reward credits (Optional).
Here's what you'll need to do in creating an income account:
Once done, let's now create a Credit Card Credit for reward credits.
You may also want to consider checking with your accountant for guidance on what's the best process for you in this kind of situation. Since each business has a unique structure, and it's the same with the accounts used when tracking transactions.
Additionally, I want you to get the most out of QuickBooks for your business. You can check some articles that are designed to help you get acclimated with the software. They can be accessed at the following link: QuickBooks Tutorials.
Should you need anything else, let me know by commenting below, I'm always here for you. Have a wonderful day!
Thanks MirriamM! I'll set up the income account and also follow up with our accountant. The tutorial videos have been a wonderful source of info as was the 2-day "Live" class I took. The training resources for QBO are awesome and this Community is the icing on the cake!
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