How to Record Credit Card Cash Back rewards in QuickBooks?

by James Antonio

Got a new credit card, then you must be enjoying your cashback rewards, but worried about how to record credit card cash back rewards in QuickBooks?

Do not worry a bit, you are at the right place. We will start from the start i.e., from the meaning of Credit card cashback reward. Credit card cashback rewards are an income received as a percentage of expenses incurred or purchases you make through a new credit card. This is generally given by credit card companies as a promotional offer to their customers.

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Now, since they are receipts, they are generally recorded as other income in the books of accounts. But sometimes they are also shown as adjustments/discounts to the purchases and not income. So, from the discussion you can easily gather that you will have to choose from one of the two options to record the cashback rewards in your QuickBooks accounting software:

  1. Showing it as an adjusting by offsetting the expense or purchases.
  2. Posting it to a new other income account.

How to Credit card Cash Back Rewards in QuickBooks?

We will discuss the second option in detail because the first option will not let us see the true picture of the analysis. You can use your regular other income account from the QuickBooks Chart of accounts. But you can also opt for creating an altogether new other income account specifically for this purpose:

Steps to Create a Specific other Income Account

You need to take the below-listed steps in the same order for creating other income account to offset the expense or purchase account:

Step 1. First of all, after opening the QuickBooks, go to the left panel of the menu and click on the accounting tab. After clicking on the accounting tab, you need to go to the Chart of Accounts.

Step 2. After you are through with the first step, click on the ‘New’ tab and then in the Account type field, choose ‘Income’.

Create a Specific other Income Account

Step 3. Now you need to go to the detail type and enter the detail as required, discuss with your accountant if you are unsure regarding what to enter.

Step 4. In the last step, enter the account name that you want in the name field and once done click on save and close the screen, your other income account is created.

Steps to Create a Credit Card Credit for Cashback Rewards

Step 1. Start with clicking on the create menu at the top of the QuickBooks page and then click on ‘Credit card credit‘.

Step 2. Now in this step, go ahead and choose a payee and enter the correct credit card account number.

Step 3. Once you are through with the above two steps, you need to go to the account details section and enter the other income account number that you created earlier under the Account column.

Step 4. In the last step, just enter the cashback account and hit on save and close to finish the recording process.

Steps for Entering the Cash Back Rewards in QuickBooks

After you are through with the above two processes, you can go ahead and take the below steps to record the cashback rewards in QuickBooks:

Step 1. Initiate the process, by opening the QuickBooks and clicking on Banking.

Step 2. After clicking on Banking on the QuickBooks Page, click on the Credit card charges option and enter an apt name on the purchases field type.

Credit card charges option

Step 3. Once you have entered the name on the purchases field type, selected the Cashback reward amount that you created earlier, along with that enter the charge amount as well.

Purchases Field Type

Step 4. Once you are done with that, click on save and close and finish the process.

So, these are the multiple steps and sub-steps you will have to enter or record a Credit card Cashback rewards in QuickBooks accounting software for your business. In the next section, let us see together some frequently asked questions relating to the topic.

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Know the Process of Entering an ACH (Automated clearing house) Rebate Check in QuickBooks?

Start the process by clicking on New on the QuickBooks page from the left menu, after that you need to select Vendor credit. Now you need to go to the Vendor drop-down menu and choose a vendor. You need to enter the details of the category/ item to record the purchase with this vendor and then click on save and close to complete the process steps.

What are the Process Steps to Reconcile a Credit Card in QuickBooks?

First of all, select the credit card account that you want to reconcile after logging in the QuickBooks. After that, you need to select the statement date and enter your closing balance and finance charges (if any). After that, go ahead and reconcile your credit card account and click on save, after that you can write a check for credit card payment.

Can you List Down the Process Steps to Clear up unapplied Cash Payments in QuickBooks?

First, open the QuickBooks and go to the profit and loss page, now click the amount appearing in the unapplied cash payment income page and go to the transaction type and click on payment. Once you have clicked the payment, you will be able to locate the invoice, so do so and click on save and after that click on close. It is the process of applying the unapplied payment to an open invoice, once you do this the unapplied cash would no longer appear.

Is there a way I can fix the transactions that are recorded under uncategorized expenses in QuickBooks Online?

Yes, there certainly is, you need to first click on Online banking matches so that you can view the details of the transactions. Once done with this, you need to assign the vendor names to these transactions and change the account from uncategorized expenses to the correct one. This will resolve your problem of uncategorized transactions.

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Vendor Transactions

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Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
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Frequently Asked Questions

 
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You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


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To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

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Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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