Drink the editor returned on account of an award (8)
I believe the answer is:
accolade
'an award' is the definition.
(synonyms)
'drink the editor returned on account' is the wordplay.
'drink' becomes 'cola' (cola is a type of drink).
'the editor' becomes 'ed' (abbreviation).
'returned' says the letters should be written in reverse.
'on' means one lot of letters go next to another.
'account' becomes 'ac' (abbreviation).
'ed' back-to-front is 'de'.
'cola'+'de'='colade'
'colade' after 'ac' is 'ACCOLADE'.
'of' is the link.
(Other definitions for accolade that I've seen before include "Ceremonial tap of sword on shoulder when conferring knighthood" , "Praise, acclaim" , "Praise publicly given" , "High praise" , "Special recognition of merit" .)