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When you sell a gift voucher to a customer, the customer is holding an asset of your business until it is redeemed.

So when you record the purchase of a gift voucher in AccountRight, it needs to be recorded as a liability in an Unclaimed Gift Certificate account you'll create. When the customer returns and pays with the voucher, all you need to do is create and close a sales invoice that reduces that liability account by the voucher amount. This way, you can easily track the outstanding gift vouchers or write-off any that remain unredeemed.

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.

1. Create your Unclaimed Gift Voucher account

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

 

2. Record the sale of a gift card

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 Banking command 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.

 

3. Redeem the gift voucher

When a customer pays with the gift voucher, it'll be recorded in AccountRight by first creating a sales invoice that

  FAQs


How do I add the items and expenses related to a job onto the customer’s invoice?

Click Reimburse to see a list of all the job purchases and expenses you have assigned a job number to, that can now be reimbursed on the sale.

How do I set a credit limit or put an account on hold?

You should enter the credit limit you've assigned in each customer's card. If you want to stop sales from being recorded for customers who have exceeded their credit limit, you can place them on hold.