Used Cashback to Purchase Item

Hey you guys,

When purchasing an item on Amazon, I accidentally used by cashback rewards to purchase the item and I 'm not sure how to track this spending. I have an category called "shopping" that this transaction would have gone to if I paid with my CC like I intended.

Any ideas or advice you have would be great! Thank you.

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  • If the reward completely covered the purchase, that's a net $0 to your bank account. Record this split in a checking account:

    Split 1: outflow $X against Shopping

    Split 2: inflow $X as Inflow: To Be Budgeted

    If you would instead prefer to record this in your CC account, then by default the new funds will be in the CC Payment category. Feel free to move them elsewhere if you like (and you should if that's already a paid-in-full CC).

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      • Stephanie
      • srsandstrom
      • 6 mths ago
      • Reported - view

      dakinemaui How do you handle it if it only covered part of the purchase? I thought I had it figured out to take it out of my budgeted - and move the money to my to be budged - but it doesn't seem to be allocating properly

      TY

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      • dakinemaui
      • dakinemaui
      • 6 mths ago
      • Reported - view

      Green Wildcat the net would be non-zero and the spending category would be correspondingly higher. With all splits, just reflect reality.

      For example, you bought something that cost $50, using $30 rewards and the rest ($20) on a CC:

      * Split 1: $50 outflow against Spending

      * Split 2: $30 inflow as TBB

      * Net / Top Line: $20

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      • Stephanie
      • srsandstrom
      • 6 mths ago
      • Reported - view

      dakinemaui I was able to work through that - but then why doesn't it reflect in my TBB at the top?

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      • dakinemaui
      • dakinemaui
      • 6 mths ago
      • 1
      • Reported - view

      Stephanie I suspect a future month's TBB is negative and immediately consumes the amount added to TBB before you even see it in the current month.

      Like 1
      • Stephanie
      • srsandstrom
      • 6 mths ago
      • Reported - view

      dakinemaui It also looks like it adds that amount to my "available" in my CC category - to be paid. I suppose I could always manually pull that amount from that category into TBB

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      • dakinemaui
      • dakinemaui
      • 6 mths ago
      • 1
      • Reported - view

      Stephanie ah yes, I mentioned it my original response but forgot this is in a credit account. Surprisingly, an inflow categorized as To Be Budgeted in a credit account don't actually show up in TBB. (The reason is that it's not cash, and the budget is solely the plan for your cash.)

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