Cash Back Rewards

[Les]

Thanks for the feedback.  The debit to the liability was
straightforward, it was the credit that stumped me.  I never thought of
adding the expense such as rebates. 

Les


On 03/16/2017 12:41 PM, Edward Doolittle wrote:
> Uh, a rebate is a debit to liability and a credit to expense, no?
>
> Whether associated values are positive or negative depends on the
> "Reversed Balanced accounts" setting. When set to "Credit accounts"
> (the usual choice), a rebate will decrease liability balance and
> decrease expenses.
>
> Edward
>
> _____________________________
> From: John Ralls <jralls at ceridwen.us <mailto:jralls at ceridwen.us>>
> Sent: Thursday, March 16, 2017 10:52 AM
> Subject: Re: Cash Back Rewards
> To: Les <lelliott5 at gmail.com <mailto:lelliott5 at gmail.com>>
> Cc: GNU Cash User <gnucash-user at gnucash.org
> <mailto:gnucash-user at gnucash.org>>
>
>
>
> > On Mar 16, 2017, at 9:22 AM, Les <lelliott5 at gmail.com
> <mailto:lelliott5 at gmail.com>> wrote:
> >
> > I have a credit card that pays a cash back after accumulating at least
> > $50 @ 3% for each purchase. How do I handle this credit against a
> > current balance?
>
> I have a similar "rewards" card. I book the rebates as a credit (i.e.
> a negative value) to the CC liability account and a debit to an
> "Expenses::CC Rebates" account because I'm too lazy to figure out how
> much of the rebate to allocate to each of the "real" expense accounts
> that it should apply to.
>
> Regards,
> John Ralls
>
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