STORE CREDIT / CASH PAYMENTS

Jacob9 · ‎October 13, 2021

My question is how to properly file this kind of bill. The picture is a portion of the receipt from Home Depot of materials I purchased from a job site. The bill as you can see got paid using partially store credit and partially my visa business card. When I talked to the expert I was advised to save the store credit transactions as credit but in doing it, the total expended on the job site shows less ( it deducted the amounts paid with store credit ) which does not reflect accurately what I expend ( because even if its pay using store credit I expended "money").

So, is there a way to properly file it without deducting so that in this case shows (when a run a job profitability report ) the entire $211.35 and not only $143.58?

If I show as pay with cash { meaning I made a check and print later type of thing } should I create a new account just for the payments used store credit and if so, will this be a bank, other expenses, expenses? liability, etc?

HyJohn · ‎November 16, 2021

Jacob,

What I do in this situation is to create an internal bank account called "Home Depot Store Credit". I would then enter the receipt as two transactions. One for the VISA card that was used and the other as a check from the "HDSC" bank account.

This will create a negative balance in the bank account that will need to be cleared up. So the question is, where did the store credit come from? If it was a return of product, you could do a Deposit to the Bank account and offset the deposit with the expense account that you used to purchase the original product. If it was income, you could code it that way.

Let me know if this answered your question or if i could help in any other way.

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STORE CREDIT / CASH PAYMENTS

STORE CREDIT / CASH PAYMENTS

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