Sell and redeem gift cards or certificates in QuickBooks Online
When you accept payment for a gift certificate, you accept the liability to redeem the gift certificate at some time in the future. In order to fulfill that obligation and track the transaction in QuickBooks Online, you need to set up a liability account and special items to use on a gift certificate invoice.
To sell a gift certificate
Select the Plus icon (+) at the top, then Sales Receipt.
Enter one line for Gift Certificates. This Gift CertificatesProduct/Service can be linked to a liability account if you want to track it as a liability.
Specify into which account the money received for the gift certificate is going, as well as how it will be deposited.
To redeem a gift certificate
Select the Plus icon (+) at the top, then Invoice.
On the first line, select the Product/Service being bought and fill out the quantity and amount.
On the second line, select the Product/Service for Gift Certificates (the one linking to a liability account), and enter in a negative number for the amount of the gift certificate.
If amount of the gift certificate is more than the amount of the purchase, you can either give the customer cash or a credit.
To give the customer a credit:
Select the Plus icon (+) at the top, then Adjustment note.
In the first line(s), enter in the Products/Services being purchased. Instead of entering a positive amount (5.00) enter in a negative amount (-5.00).
In the last line, select the Product/Service you are using for Gift Certificates. Enter a positive amount.
If there is tax on this sale, enter it in as a negative amount. The amount in the Total Credit field will show how the credit amount the customer has left from the Gift Certificate.