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Join nowI admire you for laying out the details of your concern, CliffCoy.
I'm here to help you record your Gift Card transactions accurately in QuickBooks Online.
Upon reading the details, you're on the right track in recording the transactions. The Gift Card is recorded as a sales receipt when issued and an invoice when redeemed.
One possible cause the balance is off is due to the accounts and items used. Let's make sure we added the correct information.
First off, you'll need to create a liability account named "Gift Card." Here's how:
Then, create a service item that should be linked to an income account. I'll show you how:
After that, let's create a Non-inventory item called "Advertising Expense" and then link it to the Advertising Expense account.
Once you're ready, you can now issue a gift card. Here's how:
To redeem the transactions, you'll have to create invoices.
If the payment is more than the amount of the purchase, you can either give the customer cash or credit. To learn how, please see this article: Sell and Redeem Gift Cards or Certificates.
Additionally, I've added an article that'll guide you in notifying your customers about their upcoming invoice due dates. This helps avoid late payments: Send Invoice Reminders Automatically or Manually.
I'm only a post away if you need more help with the process. It's always my pleasure to help you out again.
Good evening CharleneMae,
Thank you for replying so quickly!
I think I have it set up the way you specified:
Under Chart of Accounts:
NAME TYPE
Advance Payment for Fuel Other Current Liabilities
Under Items:
ITEM NAME TYPE INCOME ACCOUNT
Prepaid Fuel Card Credit Non-Inventory Advance Payment for Fuel
I created a Customer Account—Prepaid Fuel:Compassion Flight
In creating the account, I issued a Credit Memo under the Prepaid Fuel Card Credit Item for $768.50 for their opening balance.
The Advance Payment for Fuel Register Decreased by $768.50
I invoiced Prepaid Fuel:Compassion Flight $6.95 for Fuel.
QBO Auto-applied $6.95 to pay for the invoice.
Prepaid Fuel:Compassion Flight Credit Balance on the account page decreased by $6.95
The Advance Payment for Fuel Register did not change.
I created a Customer Account—Prepaid Fuel:Rose Kaufman
I invoiced Prepaid Fuel:Rose Kaufman $1000.00 for Prepaid Fuel Card Credit.
I received a payment for $1000.00 from Prepaid Fuel:Rose Kaufman.
I deposited $1000 into the checking account.
The Advance Payment for Fuel Register Increased by $1000.00
I invoiced Prepaid Fuel:Rose Kaufman $48.55 for Fuel.
Prepaid Fuel:Rose Kaufman account shows an open balance of $48.55
The Advance Payment for Fuel Register did not change.
What the heck am I doing wrong?
Thanks for getting back here in the thread, @CliffCoy.
First off, I appreciate you for taking the time on performing the steps provided by my colleague. I recommend reaching out to our QuickBooks Online Support team. This way, they can provide further assistance with your concern and help you determine the root cause of the issue. To contact, here's how:
I'd also want to share that here in QBO we have this feature called SmartLook Session. This feature allows you to share your screen with our supporting agents to further assist you in solving your QuickBooks concerns. To use this feature, here's how:
I've also got you these articles about importing and exporting data in QuickBooks Online:
@CliffCoy, It's my to have you here in the Community. If there's anything else that you'd like me to assist you with, let me know by leaving a comment down below. Rest assured, I'll be here as soon as possible to help you resolve your concern. Keep safe and see you around!
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