I used points to get cash back on our corporate credit card. How do I record this so everything will balance?
Hi Lori!
You will probably want to touch base with your accountant to get a direct answer to your question. Loyalty rewards are a bit of a grey area. I believe that there is some income that has to be claimed when redeeming these types of points, but not all accountants agree with that assessment. In AgExpert, as long as you are tracking the balance of the credit card, you would do a deposit to the credit card. The rest of the entry depends on what your accountant says, though. You will use IN if they want you to claim income for the amount, but they may have you do something different with it.
Sorry I can't be more help than that, but hopefully it gets you going in the right direction!