Create a new Liability Account (2-xxxx) called Unclaimed Gift Vouchers:

1. Go to the Accounts command centre and click Account List.
2. Click the Liability tab then click New.
3. Select Credit Card in the Account Type drop-down menu. In BusinessBasics select the Detail Credit Card Account [Postable] option.
4. Give the account a unique number that suits your account list.
5. Name the account Unclaimed Gift Vouchers.
6. Click OK.
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You'll first want to create a liability account which will hold the value of issued gift vouchers.

• The Account Type will be Credit Card
• Name the account something that suits your list. In our example, we chose Unclaimed Gift Vouchers
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For details on creating accounts, see the AccountRight help (Australia | New Zealand).

When you sell a gift voucher, record it using a Receive Money transaction (Banking > Receive Money). This lets you allocate the funds to the Unclaimed Gift Vouchers account created earlier.

• Select the Deposit to Account option

• and choose your applicable business bank account.

• In the Acct No. field, select the Unclaimed Gift Voucher

• account

• .

• In the Amount field

• , enter the gift voucher amount

• .

• Enter the

• applicable tax/GST code. Check with your accounting advisor if you're not sure which code to use.

Here's our example for the sale of a $100 gift voucher:

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For details on receiving money, see the AccountRight help (Australia | New Zealand).

The gift voucher can be redeemed via a sales invoice or through Receive Money.

Using Receive Money

1. Go to the Banking command centre and click Receive Money. In BusinessBasics go to the Command Centres menu and choose Banking then choose Receive Money.
2. Select the Deposit to Account option then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
3. Enter the date and other transaction details and then move down to the Acct# field.
4. Click the drop down arrow and select the relevant income account (4-xxxx).
5. Click into the Amount field and enter the value of the gift voucher.
6. Click into the Tax field and enter the relevant GST tax code.
7. Check that the transaction details are correct then click Record.

These steps will reduce the balance of the Unclaimed Gift Certificates liability account with a debit posting. It will also credit the relevant income account and at the same time record the GST liability. 

Using a sales invoice

When a customer redeems their gift voucher, it's recorded as an invoice because the customer is using it to buy something. You can then "pay" for the invoice using funds from the Unclaimed Gift Certificate account.

1. Create an invoice for the sale (Sales > Enter Sale).Go to the Sales command centre and click Receive Payments. In BusinessBasics go to the Command Centres menu and choose Sales then choose Receive Payments.
   • Use the Service or Miscellaneous layout. Note that Miscellaneous layouts can't be printed.
2. Click into the Acct# field and select the relevant income account (4-xxxx).
3. Click into the Tax field and enter the relevant GST tax code.
4. Check that the transaction details are correct then click Record.

These steps will result in a credit posting to the relevant income account and also record the GST liability.

To close the invoice and record the redemption of the gift certificate

1. • Specify the applicable tax/GST code. Check with your accounting advisor if you're not sure which code to use.
   Here's our example redemption of a $100 gift voucher:
   Image Added 
2. Record the invoice.
3. Open the Receive Payment window to close (pay) the invoice (Sales > Receive Payments). 
   • Select the Deposit to Account option
   , then click the adjacent account field's drop down arrow and select the
   • and select the Unclaimed Gift Voucher
   liability
   • account.
4. Enter the other transaction details and then apply the payment to the relevant sales invoice.
5. Check that the transaction details are correct then click Record.

These steps will reduce the balance of the Unclaimed Gift Certificates liability account with a debit posting.

1. • Specify the gift voucher value in the Amount Received field.
   • Apply this amount to the invoice.
   Here's our example:
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2. Record the payment.

The gift voucher is redeemed and the Unclaimed Gift Certificate account balance is reduced by the voucher amount.

For details on entering sales and receiving payments, see the AccountRight help (Australia | New Zealand).

You can write-off unredeemed gift vouchers using a Receive Money transaction. An unredeemed gift voucher represents income, so the value needs to be allocated to an income account. If you want to track this type of income seperately, you can create an income account for this purpose.

1. Go to the Banking command centre and click Receive Money. In BusinessBasics go to the Command Centres menu and choose Banking then choose Receive Money.
2. Select the Deposit to Account option then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
3. Enter the date and other transaction details and then move down to the Acct# field.
4. Click the drop down arrow and select the relevant income account (4-xxxx). If you want to track unredeemed gift voucher income seperately, you can create an income account for this purpose.
5. Click into the Amount field and enter the value of the gift voucher.
6. Click into the Tax field and enter the relevant GST tax code.
7. Check that the transaction details are correct then click Record.

These steps will reduce the balance of the Unclaimed Gift Certificates liability account with a debit posting. It will also credit the relevant income account and at the same time record the GST liability. 

<h2><i class="fa fa-comments"></i>&nbsp;&nbsp;FAQs</h2><br>

The balance of To determine the value of all unclaimed gift vouchers, check the balance of the Unclaimed Gift Vouchers liability account will represent the value of the unclaimed gift vouchers. The Find Transactions window is the quickest way of finding this balance.

1. Go to the Accounts command centre and click Find Transactions (located at the bottom of the window).
2. Click the Search By drop down list and select Account.
3. Click the drop down arrow of the adjacent field and select the Unclaimed Gift Certificates liability account.
4. Enter the From and To dates. The To date is the date at which you want to know the value of the unpresented gift vouchers.

Note: The Balance Sheet report could also be used as an alternative to the Find Transactions feature. 

by running the Accounts List (Summary) report (Reports > Index to Reports > Accounts > Accounts List (Summary)).