This guest post is brought to you by Alicia Katz Pollock of Royalwise Solutions, Inc.
I just got a new credit card that gives me cash back, a percentage of the money I spend. When I imported the refund transaction into QuickBooks, I was at a loss as to where to put the rebate. A little web research brought up two approaches.
Offset an Expense
For example, if you take a trip and spent a lot on airfare, you can apply the reward refund to that same travel expense category that you originally used for the transaction. You can even split the transaction into multiple expense accounts. The problem with this approach, though, is that at year-end you don’t have a true analysis of your expenses because it looks like you spent less than you did.
Create a New Other Income Account
Any cash back or statement credits you get on your credit cards go here. It classifies the refund as Income, but it still stays outside your Gross Receipts so it doesn’t impact your revenue analysis.
About Alicia Katz Pollock
Over 30 years ago, when she was 13, Alicia Katz Pollock received her first computer, an Apple IIc. She immediately designed a database for her father’s dental practice to automatically send postcards to his patients every 6 months to come in for a checkup and cleaning. Her passion for computers grew as she did.
A natural teacher, Alicia earned her Master of Arts in Teaching, but instead of turning to the public schools, she developed computer curricula.
As one half of the husband and wife team at Royalwise Solutions, Inc., Alicia blends the skills of technology, the art of communication, the patience of a trainer, the wisdom of a business consultant, and the detailed eye of an obsessive-compulsive to bring you the finest in business solutions.
She has authored several courses for Lynda.com in Microsoft Office applications for both PCs and Macs. Watch her online courses in Microsoft Access, Microsoft PowerPoint, and MS Outlook for Mac.
Visit her YouTube channel for short videos of some of the techniques found in the Tips & Tricks category of our blog.
Connect with Alicia on LinkedIn.
- QuickBooks Certified User
- Intuit ProAdvisor
- Microsoft Certified Trainer
- Apple Consultants Network
- Apple Certified Support Professional, 10.5
- Apple Certified Support Professional, 10.7
- Microsoft Certified Application Specialist in Word, Excel, Access, PowerPoint, and Outlook
- Microsoft Office Specialist, Master Level
About Royalwise Solutions, Inc.
Founded by Jamie Pollock and Alicia Katz Pollock, Royalwise Solutions is an Apple certified and Microsoft certified computer training and support company. Our focus is on all things Apple, but we are also certified to train and support Microsoft Office and Intuit’s QuickBooks on any platform.
As a member of the Apple Consultants Network, we are certified by Apple to support all desktop machines running OSX and mobile devices running iOS. We have vast experience with iPads and iPhones and how to configure and utilize iCloud to sync your data seamlessly.
Our goal is always to teach you enough that you will be able to do it yourself next time. And if you do not want to learn how, we are here to do it for you.
Visit our website.