Level 1

Banking

My question is more about reconciling accounts year-end. Example: I buy something for $100 with my CC and get $1.00 "cash back" in the form of a statement credit. So if I book this credit to an other-income account then pay the remaining balance due of $99 from checking, that would leave a QB balance for my CC of $1.00. Do you recommend journal entries once a year to resolve this?