The gift voucher can be redeemed via a sales invoice or through Receive Money. Using Receive Money- 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.
- Select the Deposit to Account option then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
- Enter the date and other transaction details and then move down to the Acct# field.
- Click the drop down arrow and select the relevant income account (4-xxxx).
- Click into the Amount field and enter the value of the gift voucher.
- Click into the Tax field and enter the relevant GST tax code.
- 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- Go to the Sales command centre and click Enter Sales. In BusinessBasics go to the Sales command centre and click Sales Register, then click New Sale.
- Select the relevant Customer Card then enter the other sale details.
- Click Layout and select Service or Miscellaneous. Please note that Miscellaneous type invoices can't be printed.
- Click into the Acct# field and select the relevant income account (4-xxxx).
- Click into the Tax field and enter the relevant GST tax code.
- 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- 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.
- Select the Deposit to Account option, then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
- Enter the other transaction details and then apply the payment to the relevant sales invoice.
- 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. |