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B
BVS1
November 5, 2024
Question

Cashback

  • November 5, 2024
  • 1 reply
  • 0 views

Hi. I run a small village store and want to offer my customers a cashback facility. For example, they purchase goods valued at £10 and ask for £30 cashback. So I give them £30, and their debit card is charged for the total of £40. The cash I use is from sales made throughout the week, so will be recorded as business income.
So how do I record the £30 cashback in QuickBooks please?

1 reply

J
jeanbiverly_
November 5, 2024

Hello, @BVS1. It's great to hear that you're looking to enhance your village store's offerings with a cashback facility. This provides convenience for customers and helps you stand out in your community.

 

To accurately record the cashback transaction in QuickBooks, you’ll need to document it as an expense. This reflects a reduction in funds available for business expenses. Here's how: 

 

  1. Go to Transactions and click the Add transaction button.
  2. Under the Transaction column, enter Expense.
  3. Input £30 in the Amount column.
  4. Pick an account under Category and Tags. If you're uncertain about which account to choose, I recommend seeking advice from your accountant. If you don't have one, you can find an expert here.
  5. Click Save.

 

 

In QuickBooks, you can enable tags to track transactions however you'd like. For more details, check out this article: Turn on tags in QuickBooks Self-Employed.

 

If you have any questions or need further assistance, feel free to drop a message. Your dedication to serving your customers adds a special touch to shopping in your village. Best of luck with your business!

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