Categorizing corporate recognition/rewards programs

chrisd49
chrisd49 Member ✭✭
My employer has a rewards program that allows me to accumulate points and exchange these for gift cards. The value of the gift cards is taxable income.

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

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited April 2023 Answer ✓

    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.

Answers

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited April 2023 Answer ✓

    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.

  • chrisd49
    chrisd49 Member ✭✭
    Yes, I think that works. It was the expensing part that I was missing.

    Thank you for the quick help!
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭

    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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