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April 5, 2021
Question

How do I record a credit for the credit card?

  • April 5, 2021
  • 1 reply
  • 0 views
We received a credit on our credit card and I'm trying to figure out how I record this credit.

1 reply

April 5, 2021

I’m here to guide you with recording credit for the credit card in QuickBooks, @desireekoser3.


You can use the Credit Card Credit feature to record your cashback rewards on the credit card. It can also be used when you have returned purchased items and received a refund on your credit card account.


Here are the steps to do it:

 

  1. Click the +New button at the top and choose Credit Card Credit under Vendors.
  2. Choose a payee from the list.
  3. Select the appropriate Credit Card account.
  4. Enter the date.
  5. Under Category details, select an account, provide a description and enter the amount.
  6. Enter other information as necessary, then click Save and close.


For purchased return credit, you’ll want to choose the same account under Account details originally used for the entered transaction. This will reduce the transaction amount. For cash back rewards type credit, you would want to use an income type account.


In case you need more tips and resources about refunds and credits, feel free to visit the underlined reference to learn more. I’m sure you’ll find it helpful.


I’ll be here anytime to assist if you have additional questions about credits or anything else. Have a great day!