Categorizing corporate recognition/rewards programs
How do I track this income in Quicken? It's not cash that goes into any specific account, but I want to be able to track it for tax purposes. It would be nice if it showed up in the tax reports, but that would be a bonus.
Best Answer
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Off the top, I would set up a cash account as "Employee Program Gift Cards". I would set up an income category for "Gift Card Income" tied to an appropriate tax line. As applicable, I'd enter deposits to that account tied to that category. When used, I'd expense from the accounts for the items and categories bought.
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Answers
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Off the top, I would set up a cash account as "Employee Program Gift Cards". I would set up an income category for "Gift Card Income" tied to an appropriate tax line. As applicable, I'd enter deposits to that account tied to that category. When used, I'd expense from the accounts for the items and categories bought.
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Yes, I think that works. It was the expensing part that I was missing.
Thank you for the quick help!0 -
You might want to experiment as to whether you track individual cards or not. For me, might depend on whether these are $5 or $500 cards. Tags or memo fields come to mind as card tracking tools.
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