Bank Loyalty Rewards

Accounting
1

My Bank pays me a “loyalty reward” every now and then, albeit a very small amount! I was wondering how I should tag this within QuickFile for tax return purposes?

I have my Bank set up as a Supplier in order to tag the monthly fee it charges me for my account with them. So I was wondering, for these loyalty rewards, should I also create a Customer account for my bank as well, and tag the rewards as a payment from the bank? Not sure which category to use if this is what I should be doing though.

Thanks, any help would be gratefully appreciated.

–Emyr

1 Like
2

That will be other income

3

Thanks, but do I need to create a Customer account for the bank, or do I just select “Something else not on this list” when tagging?

Thanks

4

Either method is fine. I would just post straight to the nominal account using ‘something else not on the list’.

5

Thanks, that’s what I opted for in the end.

Your help is much appreciated, and thanks for the excellent service.

1 Like