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DanielleCPA
DanielleCPA, CPA
Category: Financial Software
Satisfied Customers: 789
Experience:  Certified Quickbooks ProAdvisor & Small Business Accountant
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My Debit Card/Credit Card sometimes gives cashback on purchases

Resolved Question:

My Debit Card/Credit Card sometimes gives cashback on purchases at the end of the month as a total sum, How would I record this into Quickbooks?
Submitted: 4 years ago.
Category: Financial Software
Expert:  DanielleCPA replied 4 years ago.

Hi and welcome to Just Answer! I'm happy to help with your Financial Software questions. Feel free to interject at any time if you need clarification.

 

Do you import your activity directly from your bank? Or do you manually enter your credit card information.

Customer: replied 4 years ago.
Hi, This is part of my Paypal Account that I record as a bank on quickbooks (it uses the simpleport quickbooks import system) I also have another bank account with a debit card (this one doesn't give cash back) and that one is setup with online banking.

Simpleport imports all the data in, but I'm wondering how I would categorize the cashback. Thanks
Expert:  DanielleCPA replied 4 years ago.

Ok, great. Just wanted to make sure I understand your question.

 

I would probably classify it is as some sort of other income account. You can call it "Cash Back" or something like that. Whatever would make most sense to you. I think that is the easiest way to record it.

DanielleCPA and 2 other Financial Software Specialists are ready to help you
Customer: replied 4 years ago.
Would I need to classify the Tax-Line Mapping or leave it as unassigned?
Expert:  DanielleCPA replied 4 years ago.

That is up to you. If you do I would classify it as one of the "other income" ones.

DanielleCPA and 2 other Financial Software Specialists are ready to help you

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