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" .
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:- 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.
- 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
