rewards points

[Tom C Keene]

There are 3 ways you could record rebates depending on what you want to see on your Income Statement:  Set up a Rebate Income account, or; set up a Rebate Expense contra account, or; credit the expense account that created the rebate.  Do a browser search for "contra account".

Don't use an Equity account because it will show up on the Balance Sheet.

Tom

On Oct 26, 2012, at 2:24 PM, Dale Alspach wrote:

> I use  an account called "Non-Taxable Income" to handle rebates and rewards. 
> One could track each source separately but I don't bother. These do inflate 
> the income and expense totals and may make cost comparisons less transparent.
> 
> Dale
> 
> Subject: rewards points
> From: Richard Bishopp <rbishopp44 at gmail.com>
> Date: Fri, 26 Oct 2012 15:09:37 -0400 (14:09 CDT)
> To: Users Gnucash <gnucash-user at gnucash.org>
> 
> Sorry this question is leaning towards an accounting type question in
> addition to a how to in GnuCash. Maybe someone has first hand experience
> they can share.
> 
> I use a credit card which give me points that are converted to cash.  I can
> use the points/cash credit for anything at the Toyota dealer.  I want to be
> able to show what I paid for service on my vehicles including to track
> maintenance expenses so I can accurately track the maintenance cost for
> future budgeting. We're talking small amounts but I can sometimes not have
> any out of pocket.
> 
> A couple thoughts that come to mind are how to show where the money comes
> from.  Do I add my "points" (I know the cash value and can track that) up
> in an equity account ?  an Income account ?  or some thing else ?  And how
> would this affect a report showing expense vs income for the year ( or
> whatever period ) if I do not actually have an out of pocket expense ? I
> would guess it may show higher expenses that actual.
> 
> I'm sure I'm missing something else.  Please chime in.
> 
> Does anyone do something like this now ?  How do you handle rewards points
> etc ?
> 
> Obviously I am not an accountant just a super detailed nerd.  My ex-wife
> made me this way not my mom.
> 
> Thanks.
> 
> Rich...
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
> 
> 
> 
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.