We donated a gift certificate to a local fundraiser.
1-How do I create a credit/credit memo for this donated certificate in QuickBooks for the customer who won the certificate to apply it at a later date?
2-How do I record this donated certificate when it is used towards their Invoices as payment?
Thank you ahead of time for any help you can give me!
Good day, seasidefuel.
To track your donated gift certificate, you'll want to create an expense account first. I'm here to help accomplish this.
The expense account will be used on the item to track your amounts for gift certificates. The following steps are as follows:
Then, create an item or service for the gift certificate and make sure to select the expense you just set up as its income account.
Let's now make a credit memo and retain it as an available credit. Here are the steps:
QuickBooks enters a negative amount in your A/R register for the credit memo. You can use this credit as a payment towards an invoice. Just click on the Apply Credit button and link the credit from there.
I've attached some screenshots below, so you'll know what I'm referring to.
As a reference, I'm linking this article that will provide further information: Record a credit memo or refund in QuickBooks Desktop.
That should do it. Let me know if you have any questions. I'll be here to help.