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H
HoytUSA
July 11, 2023
Question

How to enter cashback rewards in QuickBooks Desktop

  • July 11, 2023
  • 1 reply
  • 0 views

I have a paypal account and a paypal credit card in which I accrue rewards.  I cash those rewards in and they go as a deposit into my paypal account.  I'm not sure how to log this.  Any help?

 

Regards,
Joe

1 reply

M
MirriamM
July 11, 2023

Hi there, Joe.

 

You'll have to create an income account to keep track of the cashback rewards you've received and enter a bank deposit. To do this, I'll be happy to guide you on how.

 

To create an income account, see the below steps:

 

  1. On your QuickBooks Desktop account, go to the Lists menu.
  2. Choose Chart Of Accounts.
  3. From the Account drop-down, select New.
  4. Select Income from the Account Type window.
  5. Click on Continue.
  6. Enter the Account Name and other details.
  7. Click on Save & Close.

 

Once done, you're now ready to make a bank deposit and use the income account you've created. You may also consider checking with your accountant to ensure your books are accounted for correctly. 

 

For future help, I've included an article that'll help match your QuickBooks account and bank statements: Reconcile an account in QuickBooks Desktop.

 

Please let me know if you have other concerns. I'm just around to help. Have a good day!

H
HoytUSAAuthor
July 11, 2023

The income account is setup.  However, the rest of your instruction is unclear to me. 

M
MirriamM
July 11, 2023

Good to see you back, Joe.

 

Good job in creating an income account in QuickBooks Desktop (QBDT). You may now track your cashback rewards by making a bank deposit.

 

Here's how:

 

  1. Go to the Banking menu at the top.
  2. Select Make Deposits.
  3. In the Make Deposits window, select the account you want to put the deposit into from the Deposit To dropdown.
  4. In the Received from column, select the Paypal credit card. If they're not showing in the drop-down, click the Add new and set as a Vendor. Enter the vendor details information.
  5. In the From account dropdown, choose the income account you created.
  6. Enter the amount and other necessary information.
  7. Click Save & Close.

 

For more details in recording a deposit, see this article: Record and make bank deposits in QuickBooks Desktop.

 

Before doing the steps above, I recommend consulting with your accountant. They can provide more expert advice in dealing with this situation. You may use our Find an Accountant tool if you don't have one.

 

If you have any other questions about QuickBooks, let me know by adding a comment below. I'm more than happy to help. Have a good day.

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