Credit Card Rewards Account

Mike C. subscribe307 at verizon.net
Thu Aug 5 08:30:23 EDT 2010


I have a similar situation with several credit cards and my solution is 
to have an income account called rebate.  So for the card that reduces 
the credit card balance I debit the credit card expense account 
(negative amount) and credit rebate income.  For those that provide the 
reward to an broker account I debit the broker asset account and credit 
the rebate income account.  This works for me although there are other 
solutions.
Mike

On 8/3/2010 11:15 PM, Jay wrote:
> All,
>
> So, I've a fairly straightforward question... I have a credit card from which i
> get cash rewards. Every so often, they cut a check and i deposit the check into
> an asset account. The question, to keep with the 2x-Entry, how can i keep track
> of these xactions? 1) earning rewards (noted on a CC bill monthly) 2) redeeming
> rewards (asset deposit)
>
> I have a CC liability acct (L), a current asset acct (A), and a CC rewards sub
> (R) account (type asset) under the CC liability (L). I would prefer that these
> rewards not show in the (L) account because they screw with the balance. Any
> thoughts out there?
>
> Thanks,
> J
>
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