USA Loan Journal Entry

Joined
Feb 6, 2016
Messages
1
Reaction score
0
Country
United States
So the credit union my business has it's loan through has a reward program. With this reward program you earn points and when you reach so many points they make a reward payment towards both the principal and interest of the loan. I'm not sure what journal entry I should use to account for this.

Thanks for your help!
 

kirby

VIP Member
Joined
May 12, 2011
Messages
2,445
Reaction score
332
Country
United States
Start with your usual entry for payment. Instead of a credit to cash, credit miscellaneous income.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top