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Max Sales
Level 2

QB Desktop Enterprise: How do I enter sold and redeemed gift cards?

First I want to say thank you in advance to those who can help

 

I am using QB Enterprises Desktop 2019 Account edition.

 

My webhost is allowing up to offer giftcards, so I am trying it and sold some.

 

My question is. How do I enter them into Quickbooks as being sold to my customer

and

How do I then enter them as redeemed when a customer uses them to make a product purchase?

 

Example: I sold a $25 gift card. I admit I am clueless about setting up the gift card in QuickBooks. Do I make a "New" product say called "Gift Card $25"? Since it really does not exist as a physical inventory item, ( i do tracking inventory thought) would I do it as a "new" non-inventory item? But then how do I record it as a payment for the customers order and have it subtract their sale amount from the amount of their gift card.

The gift card balance is tracked on my website host company, but I want to be able to track the sales of the gift cards to make sure they appear on my P&L.

 

I have read other support help but they are for QB online or POS. I do not have any of those. I use the standalone desktop QB Enterprises

 

If anyone can give me some step by step assistance on entering a new gift card sale as well as what I do when my customer uses it as payment for their next order, that would be awesome.

 

Thank you and Happy New Year 2021

Solved
Best answer December 25, 2020

Best Answers
Jovychris_A
QuickBooks Team

QB Desktop Enterprise: How do I enter sold and redeemed gift cards?

I'm delighted to see you here, @Max Sales.

 

I'll help you record the sold gift cards and enter them as redeemed when customers use them to purchase.

 

You're correct that you can set it up as either a non-inventory or service item. Just make sure to create an account (a liability account) called Gift cards, and add an item (non-inventory/service type) (e.g. Gift card $25) then select the Gift cards as the income account. With this, you can track the amount in that account.

 

Also, you can consult an accountant on what account to use for the item.

 

Once done, you can create a sales receipt to record the sold gift card for the customer. Here's how:

  1. Go to the Customers menu, and then select Enter Sales Receipts.
  2. Fill in the customer's info, including the Date and Sales No.
  3. Line one, Gift cards item, quantity, then amount.
  4. Click Save & Close.

 

Then you can create an invoice for the redeemed Gift card.

  1. In the Customers menu, select Create Invoices.
  2. Fill the fields with the customer's info like the Date Invoice #Bill to/Sold to, and Terms.
  3. List the sold item on the first line. Then enter the gift card item on the second line with a negative amount.
  4. Select Save & Close.

 

This way, you can track the gift cards sales and ensure that it appears in your P&L report.

 

Though it's for QuickBooks Online, you can use this article as your basis on how you can record sold and redeemed gift cards: Sell and redeem gift cards or certificates. You can also reference our Community backer's response from here with the same scenario as you have: Rustler.

 

I've added a reference on running customize financial reports statements based on your needs: Customize company and financial reports. It includes links on how to customize customer and vendor transaction reports.

 

Please let me know if you need further help with recording transactions in QuickBooks. I'm always here to help. Take care and have a Happy New Year!

View solution in original post

3 Comments
Jovychris_A
QuickBooks Team

QB Desktop Enterprise: How do I enter sold and redeemed gift cards?

I'm delighted to see you here, @Max Sales.

 

I'll help you record the sold gift cards and enter them as redeemed when customers use them to purchase.

 

You're correct that you can set it up as either a non-inventory or service item. Just make sure to create an account (a liability account) called Gift cards, and add an item (non-inventory/service type) (e.g. Gift card $25) then select the Gift cards as the income account. With this, you can track the amount in that account.

 

Also, you can consult an accountant on what account to use for the item.

 

Once done, you can create a sales receipt to record the sold gift card for the customer. Here's how:

  1. Go to the Customers menu, and then select Enter Sales Receipts.
  2. Fill in the customer's info, including the Date and Sales No.
  3. Line one, Gift cards item, quantity, then amount.
  4. Click Save & Close.

 

Then you can create an invoice for the redeemed Gift card.

  1. In the Customers menu, select Create Invoices.
  2. Fill the fields with the customer's info like the Date Invoice #Bill to/Sold to, and Terms.
  3. List the sold item on the first line. Then enter the gift card item on the second line with a negative amount.
  4. Select Save & Close.

 

This way, you can track the gift cards sales and ensure that it appears in your P&L report.

 

Though it's for QuickBooks Online, you can use this article as your basis on how you can record sold and redeemed gift cards: Sell and redeem gift cards or certificates. You can also reference our Community backer's response from here with the same scenario as you have: Rustler.

 

I've added a reference on running customize financial reports statements based on your needs: Customize company and financial reports. It includes links on how to customize customer and vendor transaction reports.

 

Please let me know if you need further help with recording transactions in QuickBooks. I'm always here to help. Take care and have a Happy New Year!

View solution in original post

Max Sales
Level 2

QB Desktop Enterprise: How do I enter sold and redeemed gift cards?

Hi again, i was just re-reading your reply on a gift card and redemption.

 

You said:

Once done, you can create a sales receipt to record the sold gift card for the customer. Here's how:

  1. Go to the Customers menu, and then select Enter Sales Receipts.
  2. Fill in the customer's info, including the Date and Sales No.
  3. Line one, Gift cards item, quantity, then amount.
  4. Click Save & Close.

 

My question is, if my customer buys some of my products and a gift card all on the same order and pays for their order with one payment, can I enter the gift card AND the items they purchased on the same Sales Receipt?  Or do I need to enter the gift card purchase on a separate Sales Receipt, then the products they also purchased on a separate Sales Receipt?

 

Thank you again

Ethel_A
QuickBooks Team

QB Desktop Enterprise: How do I enter sold and redeemed gift cards?

Hello there, Max Sales.

 

I appreciate you reading the steps provided by one of my peers above.

 

For the gift cards and the products purchased, you can add both on a single receipt if the purchase is on the same transaction. 

 

You may also check on how to sell and redeem gift cards or certificates in QuickBooks Online.

 

If you have any other questions about gift cards, please don't hesitate to reach out. I'm always here to help.

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