You can use the “Credit Card Credit” form to record your cash back rewards on credit card, or when you have returned a purchased item and received a refund on your credit card account.
To go to “Credit Card Credit” from the home page screen:
- Click the “+” icon at the top and choose Credit Card Credit under Vendors
- Choose a payee from the list (name of Vendor)
- Select the appropriate Credit Card account
- Enter the payment date (from credit card statement or returned date
- Under Account detail, select account, provide description and enter amount of the cash back or refund
- Enter other information as necessary
For purchased return credit, you would want to choose the same account (under “Account details”) originally used for entered transaction. This will reduce the transaction amount. For example, you purchased some office supplies and entered to “Office Supplies Expense Account” and returned some (or all), you would want to use the same account.
For cash back rewards type credit, you would want to use income type account.
Create Vendors Reference Guide
|Vendors Transaction Type||Description|
|Expense||Enter debit card, ATM, cash withdrawals, bank fees by selecting Bank Account.
Enter credit card payment by selecting Bank Account.
Enter credit card charges setting up as liability by selecting Credit Card Company.
|Check||Enter expense paid by manual check or to be printed check|
|Bill||Enter bill from vendor (supplier) to be paid later|
|Pay Bills||Pay entered bills from vendor by check (or other forms of payment)|
|Purchase Order||Non-posting type. Create PO to place an order vendor (supplier)|
|Vendor Credit||Enter credit received from vendor returned item, discount or over-billing|
|Credit Card Credit||Enter credit issued by credit card company only|
|Print Checks||Checks for printing by selecting “Print Checks” when you enter transactions from Pay Bills (or Check)|
Create Customers Reference Guide
|Customers Transaction Type||Description|
|Invoice||Bill your customer (client) and receive payment later (like 15 days/30 days).|
|Receive Payment||Record a payment received from a customer (client) against open invoice.|
|Estimate||Create a new estimate, quote, proposal, or (bid). Non-posting type. It can convert to Invoice. But, no progress invoice.|
|Credit Memo||Credit memo/refund for returned products or over billing.|
|Sales Receipt||Bill your customer (client) and receive the payment at the same time.|
|Refund Receipt||Issue customer refund from bank checking account or Paypal account.|
|Delayed Credit||Create credit memo in advance for potential sales returns. Non-positing type. It can convert to credit memo.|
|Delayed Charge||Create invoice for pipeline revenue. Maintain sales backlog. Non-posting type. It can convert to Invoice.|
|Statement (under “Other” heading)||Create a new statement to show a customer history of account activity|
|Bank Deposit (under “Other” heading)||Record bank deposit from receive payment deposited to Undeposited Funds account|