Thursday, April 29, 2010

QuickBooks: Cash Back Credit Cards

If you have a credit card where you receive cash back, at some point the business will get a check. The check is income to the business.

To record this check:

* Create an service item called cash rebate.
* Point the income account to Other Income.
* Or create a rebate income account.
* Set the item to non-taxable.

Create a customer whose name is the name of the credit card. (Wachovia, Capital One, etc)

When you get the cash rebate check:
* Bring up a sales receipt.
* Select the customer.
* On the first line enter the item cash rebate.
* Enter the amount.
* Enter the type of payment as check.
* Enter the check number and save.

That puts the check in undeposited funds ready for you to deposit and the amount goes to the income account. (Remember: always check accounting methods with your accountant or financial advisor)

8 comments:

Prepaid travel cash cards said...

Here is lots of useful information about Prepaid travel cash cards also you can directly apply for money cards, travel cards and travel currency cards.

credit cards said...

Here is lots of useful information about credit cards also you can directly apply for prepaid mastercard, compare credit cards and debit cards.

compare credit cards said...

This is very useful post for compare credit cards, compare more money cards from here.

Abdul Bari Chanessra said...

High Risk Merchant Account - Online Virtual Terminal Businesses that accept electronic payments are often unaware that their payment processor. high risk payment processors

Anonymous said...

thanx great post

tanaji said...

it is an amazing internet website. feel free to surf to my website to get cashback...click here to get flipkart coupons and cashback for Mobiles

JeffreyShockley said...

Your problems with Anna Tims I want to delete Asda, but its 'smooth checkout' is cutting up rough. Can I force the supermarket to erase my credit card details? credit cards proposals

JeffreyShockley said...

No personal details required ✓ 0% Balance Transfers ✓ Cashback ✓ Air Miles ✓ Cards for Bad Credit ✓ Compare the important facts behind each credit card. lexington law reviews