I recently traded in a phone and T-Mobile gave me an $80 credit to my T-mobile account, not my checking account. I usually pay around $40 per month for my phone and would like to continue budgeting the amount this month when I get my paycheck so I can build a nice buffer in that category for future use. I purchased a new phone in January which taxes were around $82.50 for it.
I would like to allocate that $80 credit towards my previous taxes on the phone purchase in January for report purposes. I paid this amount with my checking account. However, when I put the $80 credit as a transaction inflow and allocating it to the same category as the taxes, it is adding this money to my checking balance. What should I do?
Is this credit considered income and be placed as TBB? Or should it just go back to the same category, but then how would I reconcile my checking account, being that the credit was applied to the bill already and not refunded? Or should I just make a note about it and move on with my life?
Hello, Gironaso !
May I ask you to walk me through what it means that they gave you an $80 credit to your T-mobile account? Is this like a gift card that can be used for future T-mobile purchases? Will they be waiving two months of phone payments? Or did you pay cash for the new phone and they knocked $80 off the purchase price?