You'll first want to setup create a liability account where which you'll record the sales of your unredeemed gift vouchersuse to allocate the value of gift voucher sales.

The steps are the same as if you're creating any other new account, but there are a few things to keep in mind for this one:

• This will be a liability account classification
• The account type Account Type will be Credit Card
• Name the account something that suits your list. In our example, we chose Unclaimed Gift Vouchers
  
   

When the you sell a gift voucher is sold, you'll record it , record it using a Receive Money transaction. This lets you allocate the funds to the Unclaimed Gift Voucher Vouchers account created in Step 1. This will create a credit to that liability account, and a deposit to your checque account.

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 N-T tax

• /GST code.

  UI Text Box
  type note
  There is no GST payable

• on the sale of a gift voucher, because no goods or services have been supplied yet. The GST is only recorded when the gift voucher has been redeemed.

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

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When a customer pays with the redeems their gift voucher, it'll be recorded in AccountRight by first creating a sales invoice (with GST) for your cheque account, and then closing the invoice to reduce the balance of the Unclaimed Gift Certificate liability account.

Create a sales invoice

First, you'll create a sales invoice to record the redeemed gift voucher. For more information on creating an invoice, see our page Enter an invoice, quote or order.

There are a few things to keep in mind for this particular invoice:

s recorded as an invoice (because the customer is buying something), then the invoice is paid for using funds from the Unclaimed Gift Certificate account.

1. Create an invoice for the sale.
   • Use the Service or Miscellaneous layout. Note that Miscellaneous layouts can't be printed.

Close the invoice and record the redemption

To finish the redemption process, all you need to do is close the invoice in the Receive Payments window. For more information on how to receive payments, see our page Receiving payments.

1. • Specify the applicable tax/GST code based on what's being sold.
   Here's our example invoice where a $100 gift voucher is being redeemed:
   Image Added 
2. Record the invoice.
3. Receive payment for the invoice to close it.
   • Select the Deposit to Account option

1. • and select the Unclaimed Gift Voucher

1. • account.

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

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

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

To determine the value of unclaimed gift vouchers, you'll need to determine the balance of the Unclaimed Gift Vouchers liability account. The Find transactions window is the quickest way of finding this balanceRunning the Accounts List (Summary) report is the quickest way to do this (Reports > Index to Reports > Accounts > Accounts List (Summary)).

You can write-off unredeemed gift vouchers by using Unredeemed gift vouchers represent income, so they can be written off using a Receive Money Transactiontransaction. 

For this transaction, you'll select :

• Select the Deposit to Account

• option then select the Unclaimed Gift Voucher liability account

• .
• In the Amount Received, enter the value of the gift voucher being written off.
• In the Acct No. field, select the relevant income account. If you want to track unredeemed gift vouchers seperately, you can create an income account for this purpose.
• Specify the relevant tax/GST code. Check with your accounting advisor if you're not sure which code to use.

 Recording this transaction will reduce the balance of the Unclaimed Gift Vouchers liability account and credit the balance of the chosen income account.