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Will1901
Level 2

How to record an asset that was free?

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?

Solved
Best answer September 13, 2020

Best Answers
Rustler
Level 15

How to record an asset that was free?

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

View solution in original post

2 Comments 2
Rustler
Level 15

How to record an asset that was free?

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

View solution in original post

Will1901
Level 2

How to record an asset that was free?

Thank you very much. 

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