[GNC] Credit Card Rewards Refund

[R. Victor Klassen]

The OLD day?  We still have a couple of vendors like that.  Happily for us accrual accounting is their problem.  

Sent from my iPhone

> On Oct 15, 2021, at 12:17 PM, Michael or Penny Novack <stepbystepfarm at comcast.net> wrote:
> 
> Perhaps historical perspective might help, especially with businesses, because might want to treat the same way as when invoices typically were like this, except conditional on when paid.
> 
> I have no idea how accrual treats this (would have treated this) when in the old days a vendor might send an invoice like this:
> 
> Immediate, 2% discount, 30 days net, else 1% per month.
> 
> I am old enough to remember those days. Assuming the accrual system treated the "30 days net" as normal, what was done if paid immediately? That closely resembles the situation of credit card rebates on purchases. As to the argument wanting to  distribute to reduce all expenses  paid during that billing period, is that also being done in reverse with interest charges (if any -- often a business credit card is not intended as a source of credit and balance paid each month -- and SOME people ca manage that with their personal credit cards too)
> 
> 
> Michael D Novack
> 
> 
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