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cpompe1
October 12, 2023
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Credit Card Rewards

  • October 12, 2023
  • 2 replies
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Hi. I have a client who got credit card reward $ from a personal credit card but he had this rewards $ deposited into a business bank account. Can someone please give me the process that I need to go through to record this deposit into his business account from rewards from a personal credit card?

Best answer by Rainflurry

@cpompe1 

 

@ChristineJoieR's response will not work since you are not transferring between two bank accounts. 

 

Create a deposit and assign the client's equity account to it.  If this is a sole proprietorship or partnership, use 'Owner's Capital' or 'Owner's/Partner Contribution'.  If this is an S-corp, use their Shareholder Contribution equity account.

2 replies

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ChristineJoieR
October 12, 2023

Let me help you how you can record credit card rewards in QuickBooks Online, @cpomp.

 

To accurately reflect the movement of money between accounts, it is vital to record the transaction as a deposit in QuickBooks. This can be done by entering the credit card rewards through deposits affecting the equity account. By doing so, you can ensure that your books remain organized and accurate.

 

Here's how:

 

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Select Save and Close.

 

Additionally, categorizing credit card rewards in QuickBooks can help you better manage your cash flow and budgeting. With that, we can also consider getting some advice from your accountant to keep books accurate and expense accounts to use. Do you want to have one? Visit this article: The ProAdvisor Program.

 

If you require further assistance with banking and money transfers, the Community page is available to provide you with additional guidance. Take care and feel free to reach out if you have any more questions.

Rainflurry
RainflurryAnswer
October 12, 2023

@cpompe1 

 

@ChristineJoieR's response will not work since you are not transferring between two bank accounts. 

 

Create a deposit and assign the client's equity account to it.  If this is a sole proprietorship or partnership, use 'Owner's Capital' or 'Owner's/Partner Contribution'.  If this is an S-corp, use their Shareholder Contribution equity account.

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cpompe1Author
October 12, 2023

Thx for the insight...

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