Forum Discussion

Louise678's avatar
Louise678
Experienced Cover User
21 days ago

Cash Back from CBA Ultimate CC

We have just started using an Ultimate CC from CBA. We have just received a $5 cash back from Ampol on the card. How do I allocate a "cash back" . 
  • Earl_HD's avatar
    Earl_HD
    20 days ago

    Hi Louise678,

    In this type of scenario, we recommend reaching out to an accountant for an accurate solution. But to give you some idea, to allocate a cash back received on your Ultimate CC from CBA, you can follow these steps:

    1. Create a Cash Receipt: Record the $5 cash back as a cash receipt in your MYOB software. This will ensure that the cash back is reflected in your accounts.
    2. Allocate the Cash Receipt: Allocate the cash receipt to the appropriate account. Typically, this would be an income account specifically for cash backs or rebates. If you do not have such an account, you may need to create one.

    I hope this helps!

    Regards,
    Earl

Earl_HD's avatar
Earl_HD
MYOB Moderator
20 days ago

Hi Louise678,

In this type of scenario, we recommend reaching out to an accountant for an accurate solution. But to give you some idea, to allocate a cash back received on your Ultimate CC from CBA, you can follow these steps:

  1. Create a Cash Receipt: Record the $5 cash back as a cash receipt in your MYOB software. This will ensure that the cash back is reflected in your accounts.
  2. Allocate the Cash Receipt: Allocate the cash receipt to the appropriate account. Typically, this would be an income account specifically for cash backs or rebates. If you do not have such an account, you may need to create one.

I hope this helps!

Regards,
Earl

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