how to handle loyalty reward from bank
Question asked by Mike Ashworth 2 years ago
I bank with Barclays and every month they pass through a small credit to my bank account as a "loyalty reward".
So, i;m wondering how to account for this. I've thought of doing the following
Set Barclays up as a customer and account for the small credit each month as being from them. It will be processed against a a new account code i create for "loyalty reward". Created under the finance income expense type.
Alternatively i could process it as a refund against bank charges (i pay a small sum each month to barclays for the account), though that doesnt appear to be true to the nature of what the small credit received is each month.