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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?
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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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Thank you very much.