In QuickBooks, there is a liability given to the customers who are eligible for gift certificates or gift cards that are redeemed when the points increase in order to do the business done frequently by the customer.
This helps the customers to stick by with the company in QuickBooks and do the accounting with the gift cards also to keep the discounts and have the good accounting experience all together.
When the gift card is redeemed the customer gets more point in terms of gift card and only when the value in gift cards is more than the amount which needs to be deducted for the purchase.
How QuickBooks Gift Cards Accounting Is Helpful?
- The customer gets the reason to stay connected to the company because of discounts and the offers provided by the gift cards
- In accounting redeeming the gift cards is done by keeping the transactions details
- These gift cards are used when the customer is eligible with sufficient points of accounting.
Redeem or Sell Certificates and Gift Cards
When a payment is accepted for the gift certificate by you, then the liability for redeeming the gift certificates is also accepted automatically. So, to get this obligation fulfilled and to keep a track of the transaction in QuickBooks Online, all you have to do is, set the liability account, finalize the special items that you wanted use on the gift certificate invoice.
1. To Sell The Gift Certificate
- First of all choose the icon of Plus (+) present at the top and then select the Sales Receipt
- Add at least one line for the Gift Certificates. You can link the Gift Certificates Products or Services to the liability account, in case you are willing to track it as the liability
- Clearly mention that where the received money will be sent and to which account, and how you are going to deposit it
2. To Redeem The Gift Certificate
- Click on the (+) Plus icon present at the top and select Invoice
- In first line, choose the Product or Service that are being bought and fill the amount and quantity
- Now go to the second line and choose Product or Service for the Gift Certificates, make sure that this is the one which is linked with the liability account. After that add the negative number for the gift certicate’s amount
- If the purchase amount is less than the gift certificate’s amount then you cannot give cash to the customer nor even the credit
Our quickBooks customer support team can further guide you on the QuickBooks Accounting of Gift Cards. Our QuickBooks tech support team has complete knowledge of this and can provide you detailed information if you are looking forward for the same. QuickBooks Technical Support team can be contacted on ?smbaccountants.com.