How do you categorize cash back rewards? : r/ynab - Reddit

My cc allows me to choose to have my cash-back rewards deposited in a savings account each month. I prefer that to having it appear as a payment credit on my cc statement. I categorize …

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FAQs about How do you categorize cash back rewards? : r/ynab - Reddit Coupon?

How do I use a payee cash back bonus?

This is how I handle: Statement credit: Enter as payee Cash Back Bonus directly in to the credit card account. Move that exact amount OUT of the Available for Payment to Ready to Assign . Bank account deposit: Enter as payee Cash Back Bonus into Ready to Assign just like income. ...

How do I enter a reward into YNAB?

Here is how to enter it into YNAB: Add a new transaction in your credit card account register with the amount as an inflow. Enter a payee that helps you remember where the reward came from (e.g. “ [Credit Card Company] Statement Credit”). You’ll use this payee for any future statement credits you receive, too! ...

How do I categorize inflows from credit card returns in YNAB?

When categorizing inflows from credit card returns in YNAB, the category to choose depends on whether the purchase was budgeted for initially in YNAB or not. ...

Do reward points need to be tracked in YNAB?

Reward points are usually redeemed in the form of discounts or credits towards purchases, like flights or hotel bookings. They don't need to be tracked in YNAB. Back to Top If you choose to redeem your credit card reward as a statement credit, that reward will reduce the balance you owe on the credit card. ...

Can I use cashback to pay my credit card bill?

If you are using your cashback to pay your credit card bill like I do, I would just add the cashback as a Deposit/Ready to Assign in your credit card in YNAB. I do this when I pay my Apple Card. I enter the transaction on my credit card budget account as "rewards" and add them as inflows to my eating out budget. ...

Do credit card rewards go on a balance sheet?

Generally, credit card rewards are not considered income, so they’re not recorded on a balance sheet. If your credit card has a points-based system or airline miles, then you probably won’t need to report your rewards. ...