4070 Loyalty Redemptions
Contra-revenue for loyalty points customers redeem as non-cash tender at checkout. Reduces revenue without touching cash.
In Solo Superstars
Only used when loyalty points are switched on. Redemptions post here and are excluded from every cash figure, so a points-heavy order does not inflate deposits.
Example
A $100 order paid $80 by card and $20 in points: credit 4000 100, debit 4070 20, debit 1310 for the card portion net of fee.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- points redeemed
Related
- Loyalty points liability — What outstanding loyalty points are worth if every customer redeemed them. Redemptions post as contra-revenue, never as cash.
- Contra account — An account that reduces another one on the same statement. Sales returns reduce revenue; accumulated depreciation reduces assets; owner draws reduce equity.
- 4000 Sales of Product Income — Revenue from selling physical goods. The default revenue account for shop orders and product lines on invoices.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.