[GNC] Credit Card Rewards Refund

peterb peterb at gmail.com
Mon Oct 18 11:32:34 EDT 2021


In the US, credit card rebates are best treated as a contra-expense account
for rebates. In other jurisdictions, this might differ.

-p


On Fri, Oct 15, 2021 at 12:47 PM R. Victor Klassen <rvklassen at gmail.com>
wrote:

> 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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