Hi, I’ve got some receipts from the USA which have Cashback as part of the receipt, alongside obviously another purchase.
How do I split the receipt to categorize it as both a purchase (e.g. Food/Subsistence) and also Money Taken Out (which I would put in a Petty Cash account on Quickfile)?
Thanks!
Can I just confirm if this is cashback as in money withdrawn from your account as part of the transaction, or cashback as in money given back to you as a promotion?
Hi, yes it is money withdrawn from the account and given to me as cash along with groceries.
Thanks
Ok, we’re on the same wavelength 
What you would need to do is record this as a bank transaction and not as part of the receipt itself. I’ll give you an example:
Let’s say you’ve made a purchase for £100, and had £50 cashback with it (£150 in total). You would log the receipt for the goods as £100 as normal. The other £50 is technically just a withdrawal, except rather than doing it through an ATM or in a bank, it’s done through a retailer.
This is just like a cash withdrawal from your bank account, you would need to split the £150.00 leaving your account for the purchase into two separate lines:
£100.00 - Tagged to the purchase invoice
£50.00 - Tagged as a transfer from your current account to your petty cash account
This would then show the purchase invoice as paid in full, and £50.00 in your petty cash account.
However, I appreciate this isn’t that easy given you’ve paid in USD rather than GBP. In this case, you would need to either set up a separate petty cash account with the currency of USD, or convert it yourself into GBP. I believe the USD Petty Cash account would be the easier option.
Hope that makes sense?
Ok thanks, so basically I need to change the amount of the Transaction which I’ve imported from the Bank Statement (.e.g $150), to the cost of the purchase (e.g. $100) and create a new Transaction for the Cashback amount (e.g. $50) and move that to the Petty Cash account as normal?
Thanks
That sounds correct
Great, thanks a lot for your quick replies too!
Or if you want to keep the QuickFile view of your bank account in perfect sync with your actual bank statement, then set up a USD petty cash account, mark the whole bank transaction as a transfer to the USD cash account, then mark the purchase as paid from there leaving the cashback as a balance in the USD cash account. The net effect would be the same.
Thanks but that wouldn’t match up with the receipt that says it was paid by card right?
I’d put a note to that effect when logging the payment in QuickFile, e.g. “Actual payment was by card with cashback”. As long as you ultimately end up with $100 assigned to a purchase and $50 left in your USD cash account then that’s correct from an accounting perspective.
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