[GNC] Questions about how to handle Gift Certificates

[Murugan Mariappan]

Robert

Try the following and see if it works for you

1. Create a new account named "Gift Certificates Payable" and set it as a Liability account.
2. Record the Sale of a Gift Certificate:
    Credit the "Gift Certificates Payable" account for the amount of the gift certificate sold.
    Debit the "Checking Account" for the same amount.
3. Issue your invoice as usual with AR recorded

4. Issuing a Credit Note Upon Redemption:

   When a customer redeems their gift certificate, create a credit note:
   In the income account field select "Gift Certificates Payable" account for the same amount

5.Record the Redemption:
  Pay the invoice with the Credit Note and actual cash and select the transfer account as your "Checking Account"





Saludos Cordiales


Murugan





Saludos Cordiales


Murugan

________________________________
From: gnucash-user <gnucash-user-bounces+m.muruganandam=hotmail.com at gnucash.org> on behalf of Robert Heller <heller at deepsoft.com>
Sent: 31 October 2024 14:38
To: gnucash-user@ <gnucash.org gnucash-user at gnucash.org>
Subject: [GNC] Questions about how to handle Gift Certificates

I have a small service-oriented business, and I am looking to sell "Gift
Certificates" that could be redeemed for future service.

I am not sure how to account for them with gnucash.  I think I should some
sort of account (Liability?) for the sold Gift Certificates, but I am not sure
how to account for them when I issue invoices (and  process payments) in the
future.  I wonder if there is some wisdom out there on the gnucash-user
reguarding handling Gift Certificates.

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