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Join nowHi we are selling retail products to our members which are paid in Cash, Visa-Master Cards and Members are earning Points and use it to purchase products and make commissions as well and there are times members are using Points which they earned for purchasing items the Questions is Members are buying POINTS from us using Credit Cards. How will I records POINTS purchased by Credit Card not sure if Points is considered an Income please help and thank you
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Hi there, @accounting266.
It's my pleasure to help you with recording points acquired to the members who are paid in Cash, Visa-Master Cards.
I can think of two options for this. First, you can get a check which you can deposit and use an income account as the source account.
To create an income account:
Once done, record a deposit for the points earned.
The second option is to track the points once you use them. They are income to business either applied as a credit card credit reducing the balance.
Whatever action you take, I recommend consulting with a professional accountant for further assistance. They are the ones who can guide you in keeping your financial records accurate and accounting for your transactions accordingly.
You can check out this articles to learn more about deposits and customer's credits:
Moreover, here's how you can learn more about the different ways you can track customer transactions in QuickBooks Desktop.
If you have any other questions about recording rewards or points in QuickBooks Desktop, please notify me by adding a comment below. I'm always here to help. Have a good one!
Hi there, @accounting266.
It's my pleasure to help you with recording points acquired to the members who are paid in Cash, Visa-Master Cards.
I can think of two options for this. First, you can get a check which you can deposit and use an income account as the source account.
To create an income account:
Once done, record a deposit for the points earned.
The second option is to track the points once you use them. They are income to business either applied as a credit card credit reducing the balance.
Whatever action you take, I recommend consulting with a professional accountant for further assistance. They are the ones who can guide you in keeping your financial records accurate and accounting for your transactions accordingly.
You can check out this articles to learn more about deposits and customer's credits:
Moreover, here's how you can learn more about the different ways you can track customer transactions in QuickBooks Desktop.
If you have any other questions about recording rewards or points in QuickBooks Desktop, please notify me by adding a comment below. I'm always here to help. Have a good one!
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