How would you categorize a rebate/credit?
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harry askenazi
Member ✭✭
For example, I received an "efficiency rebate" from my utilities provider bc I installed an smart thermostat. How do you recommend categorizing this? I could put the same category as the thermostat I purchased, or I can categorize as "utilities:Heating", or a category called "refund". Any suggestions?
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Answers
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@harry askenazi --
- Just a thought - for me a transaction like that one you describe is by nature a "non-recurring" item so I tend to keep non - recurring transactions in a separate category (like "Other") so that it is easier to understand period over period variances of expenses (such as Utilities: Heating).0 -
This is really a personal decision.
I probably would tend to just put it back into the same category so that it reduces how much I paid.
It just depends on what you might want to report on in the future.Signature:
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As @Chris_QPW says, this is a personal decision.
So for what it is worth, I do the same thing that Chris does. Any rebate and/or credit goes against the original category (i.e. heating).Quicken user since 1995.
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@harry askenazi If I'm reading correctly, you've got 3 categories that are possibly involved:
- The one used when you purchased the thermostat
- Heating
- Other
I definitely wouldn't use Other. I'm probably use the purchase category, to show a reduction in that category. The benefit of the purchase would be a future reduction in your Heating expense ... so I'd just let that reduction speak for itself and not use that for the Rebate.Q user since February, 1990. DOS Version 4
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