I have a new business credit card that earns cashback on every purchase. The cashback is automatically paid into the credit card account each month. This comes off the balance and is displayed as a transaction on my statement and also when I upload it into QF. How should I be tagging this? Thanks
Hello @jlee6588
You could record tag this as income onto a sales code or you could tag this as a negative overhead (this will offset your overheads).
You can create a new nominal code for this.
The support team are not registered accountants and you should consult your accountant on the best way to record this.
Great thanks Steve. I have spoken to my accountant, and he said to tag as ‘negative overhead’ as you suggested. Do you know how I set this up as a new nominal code? I have looked through the link you sent but am not sure what categories to choose, etc. Or is this an accountant question?
Hello @jlee6588
The codes in the chart of accounts are broke up into ranges.
For this you can create a new code in the Overheads section (7000-9999)
The choice would be yours or your accountants