What is Category for Credit Card Rebate?

Is there a Category, or Tax Line Item, for registering a deposit/Rebate from a Credit Card or bank?
I assume a rebate is a non-tax item. I tried creating a category as Cash Received, and now my Reports show the rebates as Income. I cannot seem to find the correct way to not show this as income on my Reports.
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Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Use the same category that you used for the original purchase ... thus reducing the amount spent.
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  • bluzchaser
    bluzchaser Member ✭✭
    Thanks for the advice. Your suggestion was very helpful, and you helped me by not having to clutter up my register with additional categories.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    NotACPA said:
    Use the same category that you used for the original purchase ... thus reducing the amount spent.
    Won't work.  If this was a refund, or "cash back" on a given purchase that would be the right answer, but when we are talking about a "Credit Card Rebate" what is going on is that you are getting "points" for your purchases and then you can redeem them for cash.  So this cash isn't connected directly to any given purchase, and you certainly aren't going to want to prorate it into all those possible categories from the purchase.

    What I do is I have an income category I have created for this purpose, which isn't connected to a tax line, which is what you @bluzchaser look like you are doing.

    As for the report, if you don't want to show that income on a given report, just customize it to not include that category.
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  • Roger Miller
    Roger Miller Member ✭✭
    I just create a new income category called "Rebate", and be done with it. I then enable that category in my budget, or any income/expense reports, so that the income is accounted for.
  • bluzchaser
    bluzchaser Member ✭✭
    Interesting comments from Roger Miller,Chris_QPW and NotACPA . But for Roger Miller's response, I have a comment. What you suggested is almost what I did. However, one is still faced with the Report/Expense showing that category coming up as Income, when in fact it is not Income. I guess I will try (alternating ) both suggestions from Chris_QPW and NotACPA, and see how it goes. I am thinking I shouldn't have added a Credit Card Account, then I wouldnt have to enter all debit and credit and Credit Card Rebate transactions with that credit card.
  • Roger Miller
    Roger Miller Member ✭✭
    @bluzchaser Yes, I know what you mean. But creating an income category is the only way to get the rebate amounts subtracted from your expenses. Again, I use that category mainly in my budget, since I also track paychecks and other income in my budget, which is handy because it shows my net savings over the year. If you don't want that category being shown in any report, then just deselect it in the report setting.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Note @Roger Miller's suggestion an mind are the same.  Mine was just the long winded way of saying it.  When you create a new category it doesn't have a tax line associated with it, which is what you want in this case.  I just wanted to make sure you didn't connect it to a tax line since rebates aren't taxable.
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  • Roger Miller
    Roger Miller Member ✭✭
    @Chris_QPW Thanks for pointing that out. I should have mentioned that I do not associate any tax line with the new category.
  • ati2003
    ati2003 Member
    I guess there are two things here. One is tax related, which I'm not concern about, but the other is the expenses. I created an income category and I can see my credit card debt reduced, BUT when I see my expenses, the expenses amount is not reduced, because Quicken take the income as a pay to the credit card. Your owed amount is reduced, but your expenses not. I guess Quicken has no way to manage redeems.
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