How do I record Cash Rewards from Bank of America when I apply those cash rewards as a payment to Bank of America?

Hello there, @versoria1.

Please allow me to share some tips on recording a cashback reward in QuickBooks Online (QBO).

In QBO, there are several ways to record this transaction. We can use the Other Income account. 

Here's how:

Cash back rewards can be recorded as Credit Card Credit. Other Income is the affected accounts for some entrepreneurs. However, you can set up a separate income account for cash back rewards. Let's start by making an income account. (Optional) by performing the following steps:

1. On the left-panel menu, click Accounting and go to the Chart of Accounts tab.
2. Click the New button, and select Income in the Account Type field.
3. Choose the Detail Type. You can refer to your accountant if you're unsure of what to choose.
4. Enter your desired account name in the Name field, and click Save and Close.

Then, for cash back rewards, open a Credit Card Credit. Here's how:

1. Select Credit Card Credit from the Create menu (+) at the top.
2. Select a payee and enter the proper Credit Card Account.
3. Navigate to the Account Details tab.
4. Under the ACCOUNT column, enter Other Income or the income account you created.
5. Enter the amount of the cashback.
6. Save and close the window.

Another solution is to use an expense account to deposit cash back rewards. On the transaction, we'll need to use a positive amount. The cashback transaction will show a negative amount when you run the Profit and Loss report. 

Let me demonstrate:

1. Click the Plus sign icon, then Bank Deposit.
2. Select the correct Account, at the top.
3. Scroll down to Add Funds to this deposit.
4. Choose the affected accounts and enter the positive amount (refer to the first screenshot).
5. Click Save and close.

When choosing an account for the cashback reward, consider what it is for and the nature of your business. I'd recommend speaking with your accountant about the best way to record the credit card Cash Rewards you've received and the accounts that will be impacted.

Additionally, I've included an article that'll help match your QuickBooks account and bank statements: Reconcile an Account in QuickBooks Online.

Fill me in if you have other questions about recording transactions. I'm always here to help. Take care!