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How to make this adjustment?

Last fall Best Buy was having one of their regular "sign up for a Best Buy card today and get 0% APR for the first 12 months" deals. As my wife was wanting/needing a computer, I took advantage of the deal.

Fast-forward 10 months and the close of the 0% period is approaching. I had planned to have it paid off before the 12 months is up and am still on track. However, in the most recent statement, there's been a notice saying "pay off by 10/1/05 and it'll only cost you $268.27" (current balance is an even $300).

How can I write one final check for the $268.27 and have Quicken show a zero balance on the card? Should I wait for the final statement and hope they've marked an adjustment on it? Or should I enter an adjustment of $31.63 in the register?

Reply to
Andy Levy
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"Andy Levy" wrote

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This is income to you since they're relieving some of your debt.

I have an income category called "Coupons & Rebates" that I would use for this purpose. My transaction (a split debit totaling $268.27) would look like this:

[Best Buy] $300.00 Coupons - $ 31.63
Reply to
Rick Hess

I'd be inclined to record it as an expense reduction rather than as income.

Best Buy has, in effect, reduced the price of your wife's computer. So I'd post the -$31.63 to the same account/category where you posted the original purchase.

Reply to
danbrown

and either make an entry in the original transaction's memo field "price adj 05.8.6 $-31.63, or date the adjustment entry with the same date as the original transaction and with about the same memo entry, so that when the question "How much did we pay for that computer" is someday asked, there will be a reasonable chance of finding the correct answer.

dick w

Reply to
Dick Weaver

I should have mentioned that I use classes to answer that question ... so that I can see BOTH the original amount and the newly discounted amount. If one changes just the original amount, then your Q records won't agree with the paper trail.

Reply to
danbrown

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