Reward Point Redemption

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Jo Arnold
Jo Arnold Member Posts: 87 ✭✭
edited July 2020 in Reckon Accounts (Desktop)
I have a supplier through whom I have earned reward points which I now wish to redeem to pay my account.  Whats the best way to transact this in Reckon?  I'm thinking I need to put the reward points value into a dummy bank account and pay it from there but I'm not sure if this is the best option.  I am using Accounts Premier 2016.

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  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited July 2020
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    Hi Jo.  Whilst I use a "dummy" bank account for a number of things, in this case I think that I would be inclined to treat this a a Credit or Adjustment Note from the Supplier.  That way you will be able to easily utilise it the next time that you make a payment to that Supplier, if you enter the invoice received as "Enter Bills".  If you are just entering the purchase as a cheque, you could first create an income account called say "Rewards Points" and offset the value of this on the cheque as a negative value to this income account.  John L G
  • DebonAir
    DebonAir Member Posts: 392 ✭
    edited July 2020
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    Hi, I have a different approach, just to save me time, might sound crazy to some but it works for me.
    I set up an Inventory account called Rewards.  I use a Current Asset account called Supplier Rewards for setting up the inventory. 
    This will allow me to very easily add the rewards to the bills to collect rewards, also allows me to take them off the bill when claiming them and if it has a $$ value I can change the value and claim it from the bill amount (but then it must be journalled later).
    My reasoning for doing it this way is that I very easily have a running total of rewards and can report the amount of rewards with the supplier when in dispute.
    I know it is probably unconventional but it works perfectly for me.

  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited March 2017
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    HI DebonAir.  There is nothing wrong with being unconventional when you can find a way to make things work.  I like that approach and tend to do something similar at times myself.  A percentage of "fixes" on this forum relate to people finding unconventional ways of doing things, which work.  Keep it up.  John L G
  • Jo Arnold
    Jo Arnold Member Posts: 87 ✭✭
    edited May 2019
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    Hi John and DebonAir.  Thank you both for your replies.  Both sound simple enough.  In this instance I think the inventory account will work best as the rewards will need to be applied over several invoices from several suppliers.  DebonAir, could you please walk me through the journal process.  Thanks.  J
  • DebonAir
    DebonAir Member Posts: 392 ✭
    edited May 2017
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    Hi Jo, when I claim the rewards on the bill, they have a zero dollar value, which allows me to keep the number of rewards on file. 
    When I claim them back on the next bill, the reward numbers will go down but they will have a credit/discount value. 
    My journal (when using Supplier Rewards- Other Asset account type for both sides of the inventory item) is Debit Supplier Rewards $$ and Credit the Purchases-COG account.
    Sorry for the delay, been away sick. All good now. Hope this helps

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