Re: [GNC] The correct way to account for prepaid things that comes with bonuses

2021-12-06 Thread davidcousens49
Mattio, Since you receive the discount at the time you purchase the pack and it is available to you at that point so that is really the point at which I would record it. David On Mon, 2021-12-06 at 23:02 +0100, Mattia Rizzolo wrote: > Hi David, Gyle. > > Thank you for your input. It looks

Re: [GNC] The correct way to account for prepaid things that comes with bonuses

2021-12-06 Thread Mattia Rizzolo
Hi David, Gyle. Thank you for your input. It looks both of you agree that this should be a negative expense rather than in income. On Tue, Dec 07, 2021 at 06:35:22AM +1000, davidcousen...@gmail.com wrote: > This would allow you to keep track on > both the original expense and the economic

Re: [GNC] The correct way to account for prepaid things that comes with bonuses

2021-12-06 Thread davidcousens49
Mattio, It is possible more correctly described as a discount on the expense so instead of crediting an Income:Bonuses account you could credit what accountants call a contra account to Expenses:Travel:Rental which couuld be named Expenses:Travel:Rental:Discounts which sums into the parent

Re: [GNC] The correct way to account for prepaid things that comes with bonuses

2021-12-06 Thread Gyle McCollam
That looks correct to me. However, I don't like to classify a "Bonus" as Income, unless they are taxable. I would record it as a negative expense, again if it is not taxable. That is how I record cash back on my various credit cards, it is more of a purchase discount than an income amount.