There is no GST payable to 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.

You'll first want to setup a liability account where you'll record the sales of your unredeemed gift vouchers.

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 will be Credit Card
• Name the account something that suits your list. In our example, we chose Unclaimed Gift Vouchers
  
  

When the gift voucher is sold, you'll record it to the Unclaimed Gift Voucher account created in Step 1. This will create a credit to that liability account, and a deposit to your checque account.

1. Go to the Bankingcommand centre and click Receive Money.
2. Select the Deposit to Account option, then click the adjacent Account field's drop down arrod and select your cheque account.
3. Enter the date and other transaction details.
4. In the Acct# field, select the Unclaimed Gift Voucher liability account you created in Step 1.
5. In the Amount field, enter the gift voucher amount.
6. Enter the N-T tax code, because GST is not included until the gift voucher is returned.
7. Click Record.

When a customer pays with the 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:

• The layout should be Service or Miscellaneous. Please note that Miscellaneous layouts can't be printed.
• Now that the gift certificate has been redeemed, you need to add the relevant GST code in the Tax field

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.

For this payment, you'll want to select the Deposit to Account option, select the Unclaimed Gift Voucher liability account.

After filling out the rest of the transaction details, including the voucher amount, click Record. Your liability account will now be 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 balance.

You can write-off unredeemed gift vouchers by using a Receive Money Transaction.

For this transaction, you'll select the Deposit to Account option, then select the Unclaimed Gift Voucher liability account and the relevant GST tax code.

Note that unredeemed gift vouchers represent income, so the value needs to be placed in an income account. If you want unredeemed gift vouchers seperately, you can create an income account for this purpose.