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Hello there, @EBFinancials. I'm here to share some information on how the credit card Cash Rewards affects your transactions flows. @Rustler is correct! In addition, when you create a bill or any expense transaction with the amount of $92, it will increased your Accounts Payables or expense account.
How do I record credit card cash back rewards that DO NOT reduce the balance due on the account? Have set up an "other income account" - what's the offsetting entry?
The fields you need to complete to edit a QuickBooks credit card refund are: Select the credit card account: From the drop-down, select the credit card used to record the refund. Activate fields: Click anywhere within the transaction to activate the fields so that you can make the necessary changes. Save the changes: Click the save button to save the changes you have made.
Square is a mobile credit card processing app that uses Android or iOS card readers that plug directly into your smartphone or tablet. Square is the best choice for small businesses because the free app is feature-rich, user-friendly, requires no application, and has competitive processing rates, especially for businesses with an average transaction below $20.
How many rewards credit cards do you have in your wallet? Do you know if you’re maximizing their rewards potential? Or are you just swiping them randomly, hoping it all adds up in the end?