Do you have a cashback bonus in QuickBooks? If that's the case, congratulations; you've received money in your account. However, now that you've received your cashback incentives, the question of how to enter them in QuickBooks or How to Enter Credit Card Cash Back Rewards in Quickbooks transactions emerges. Accountwizy has come out with an article to help you keep track of your cashback benefits.
To Enter Cash Back Rewards, You'll Need Two Things.
This technique may be completed in just two steps: balancing expenses and opening a new income account, both of which are detailed below. However, in order to simplify the procedure, we have outlined the entire procedure in the next portion of this page.
Expenses Are Offset
If you go on a trip and spend a lot of money on the ticket, you can apply the reward return to the same travel expenditure category that you used for the transaction, or to multiple expense accounts. The primary issue with this strategy is that you won't have a true spending analysis at the end of the year because it appears that you spent less than you did.
Creating A New Income Account
This is where you'll find credit or cash back statements from your credit cards. Refunds are regarded as income, but they aren't included in gross receipts, therefore they can't affect the revenue analysis.