How to record an asset that was free?

Will1901 · ‎September 12, 2020

Say I purchase an asset using a points from a rewards system that a vendor offers. How would I record this so that the value of assets increase yet there is no expense?

Rustler · ‎September 13, 2020

The reward points, when used, are income. There are several ways to do this

create the fixed asset or asset account in the chart of accounts

use an expense form

line one, the asset account and the amount

line two, the Other Income account and the amount as a negative number

save the zero dollar transaction

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Rustler · ‎September 13, 2020

The reward points, when used, are income. There are several ways to do this

create the fixed asset or asset account in the chart of accounts

use an expense form

line one, the asset account and the amount

line two, the Other Income account and the amount as a negative number

save the zero dollar transaction

Will1901 · ‎September 13, 2020

Thank you very much.

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How to record an asset that was free?