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)


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