QB Issue Resolution:

You can record the reward credits as Credit Card Credit while other entrepreneurs use Other Income as the affected account. Though, you can create an income account specifically for reward credits (Optional).

 

Here’s what you’ll need to do in creating an income account:

  1. Click Accounting on the left menu and go the Chart of Accounts tab.
  2. Hit the New button.
  3. Select Income in the Account Type field.
  4. Choose the Detail Type. You can refer to your accountant if you’re unsure of what to choose.
  5. Enter your desired account name in the Name field.
  6. Pick Save and Close.

Once done, let’s now create a Credit Card Credit for reward credits.

  1. Click the + New button at the left menu.
  2. Select Credit Card Credit.
  3. Choose a payee and enter the correct Credit Card Account.
  4. Go to the Account details section.
  5. Enter Other Income or the income account you created under the ACCOUNT column.
  6. Enter the reward credit amount.
  7. Click Save and close.

You may also want to consider checking with your accountant for guidance on what’s the best process for you in this kind of situation. Since each business has a unique structure, and it’s the same with the accounts used when tracking transactions.

 

Additionally, I want you to get the most out of QuickBooks for your business. You can check some articles that are designed to help you get acclimated with the software. They can be accessed at the following link: QuickBooks Tutorials.

Resolution for Issue 'Hi! I’m new to QBO and accounting in general, so forgive me in advance for naive questions! Just trying to figure out the best way to handle Reward Credits on our credit card statement. Should I book these as a negative entry against my “Bank Charges/Fees” expense account? Or should I create an account just for these credits? Or is there a better way to handle this? Thanks in advance for your help!' available: Yes (Solved).
Source: Intuit Community forum.

Hi! I’m new to QBO and accounting in general, so forgive me in advance for naive questions! Just trying to figure out the best way to handle Reward Credits on our credit card statement. Should I book these as a negative entry against my “Bank Charges/Fees” expense account? Or should I create an account just for these credits? Or is there a better way to handle this? Thanks in advance for your help!: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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