Hi, Thanks for reaching out. That's awesome that you correctly reconciled your CC 🥳 Thank you for being a part of our community! Have a great day, Samantha, Team Candus
Hi, Thank you for reaching out. We're glad you enjoyed this video! If you’re looking for additional QuickBooks trainings, email us at support@canduskampfer.com and we’ll point you in the right direction 🤗 Thanks for being a part of our community, Have a great day, Samantha, Team Candus
I am setting up QB online and i have linked my CC however my statement starts Decemeb25 2024-Jan 24 2025- The beginning balance says $0.00 I need it to say $9900.18 because thats the previous balance on my statement. How do I fix this?
Hi, Thanks for watching our video. If you're interested in more in-depth training on how to fix the balance on your statement, I'd recommend emailing us at support@canduskampfer.com. Our team will share the different ways we can support you through our QuickBooks trainings 🤗 We’re happy to have you a part of our community, Have a great day, Samantha, Team Candus
I got credit card rewards as statement credit with other transactions, so my usage for the month was $314.97, but received $250.00 in rewards so transaction is listed as $64.97. How do I account for the actual items purchased and then factor in the rewards since it is already in the bank transaction ? Ty
Hi Steven, Thanks for watching our video. If you're interested in more in-depth training on this topic, I'd recommend emailing us at support@canduskampfer.com. Our team will share the different ways we can support you through our QuickBooks trainings 🤗 We’re happy to have you a part of our community, Have a great day, Samantha, Team Candus
Hi, Thanks for reaching out. If you're interested in more in-depth training on what to do if you got the cash back transferred to your personal account, you can check out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks Workshop. You can register here: CandusKampfer.com/workshop Have a wonderful day! Samantha, Team Candus
I don't understand why you would classify this as other income and hit the P&L. doesn't this reduce your deductible expenses in the business. couldn't you instead classify the credit card reward as non-taxable equity and therefore bypass the P&L entirely.
Hi, Thank you for reaching out. Rewards are considered a non-taxable income account. It does not reduce your expense unless you're returning an item you purchased which is not considered rewards. Thanks for being a part of our community! Have a great day, Samantha, Team Candus
Credit card rewards in the form of cash back or statement credit are not income; they are an offset to expense and should be coded to a contra expense account.
Hi Amy, Thank you for reaching out. We appreciate you sharing your own insights on this topic 🤗 To learn more about how to navigate QuickBooks, I recommend checking out our Confidence with QuickBooks program. You can learn more by attending our Customizing QuickBooks Workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus
Are they even an offset to expense? Why offset expense if you are looking to maximize deductible expenses applying credit card rebates (which per IRS are not taxable) against those expenses is reducing your overall deduction isn't it? I'm not an expert here but it seems that you'd want to recognize those rebates into equity on the balance sheet and fully realize the full expense on the P&L. what am I missing here?
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Thank you!! CC correctly reconciled today! :)
Hi,
Thanks for reaching out.
That's awesome that you correctly reconciled your CC 🥳
Thank you for being a part of our community!
Have a great day,
Samantha, Team Candus
Thank you 😊
Thank you. !!!!
Hi,
Thank you for reaching out.
We're glad you enjoyed this video!
If you’re looking for additional QuickBooks trainings, email us at support@canduskampfer.com and we’ll point you in the right direction 🤗
Thanks for being a part of our community,
Have a great day,
Samantha, Team Candus
I am setting up QB online and i have linked my CC however my statement starts Decemeb25 2024-Jan 24 2025- The beginning balance says $0.00 I need it to say $9900.18 because thats the previous balance on my statement. How do I fix this?
Hi,
Thanks for watching our video.
If you're interested in more in-depth training on how to fix the balance on your statement, I'd recommend emailing us at support@canduskampfer.com.
Our team will share the different ways we can support you through our QuickBooks trainings 🤗
We’re happy to have you a part of our community,
Have a great day,
Samantha, Team Candus
I got credit card rewards as statement credit with other transactions, so my usage for the month was $314.97, but received $250.00 in rewards so transaction is listed as $64.97.
How do I account for the actual items purchased and then factor in the rewards since it is already in the bank transaction ?
Ty
Hi Steven,
Thanks for watching our video.
If you're interested in more in-depth training on this topic, I'd recommend emailing us at support@canduskampfer.com.
Our team will share the different ways we can support you through our QuickBooks trainings 🤗
We’re happy to have you a part of our community,
Have a great day,
Samantha, Team Candus
What if you got the cash back transferred to your personal account?
Hi,
Thanks for reaching out.
If you're interested in more in-depth training on what to do if you got the cash back transferred to your personal account, you can check out our Confidence with QuickBooks program.
To learn more you can attend our Customizing QuickBooks Workshop.
You can register here: CandusKampfer.com/workshop
Have a wonderful day!
Samantha, Team Candus
I don't understand why you would classify this as other income and hit the P&L. doesn't this reduce your deductible expenses in the business. couldn't you instead classify the credit card reward as non-taxable equity and therefore bypass the P&L entirely.
Hi,
Thank you for reaching out.
Rewards are considered a non-taxable income account. It does not reduce your expense unless you're returning an item you purchased which is not considered rewards.
Thanks for being a part of our community!
Have a great day,
Samantha, Team Candus
Credit card rewards in the form of cash back or statement credit are not income; they are an offset to expense and should be coded to a contra expense account.
Hi Amy,
Thank you for reaching out.
We appreciate you sharing your own insights on this topic 🤗
To learn more about how to navigate QuickBooks, I recommend checking out our Confidence with QuickBooks program. You can learn more by attending our Customizing QuickBooks Workshop.
Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
Are they even an offset to expense? Why offset expense if you are looking to maximize deductible expenses applying credit card rebates (which per IRS are not taxable) against those expenses is reducing your overall deduction isn't it? I'm not an expert here but it seems that you'd want to recognize those rebates into equity on the balance sheet and fully realize the full expense on the P&L.
what am I missing here?