Receiving a cash gift

How is this recorded in qbo? The gift was paid through QuickBooks in excess of their invoice. It is sitting as a credit to the customer. 

Let me guide you on how to record gift certificates in QuickBooks Online, RQ.

Once you accept gift certificate payments, you agree to redeem the liability at some time in the future. Then, ensure to add the gift certificate as a product. Here's how:

1. Select + New.
2. Select Sales receipt.
3. Fill out the sales receipt, then select the payment method and where the gift card amount will be deposited to.
4. Enter a line under PRODUCT/SERVICES and choose the gift certificate you added.
5. Add the gift card amount and the sales tax rate.
6. When you’re done, select Save and close.
    

Next, redeem the gift certificate. I've outlined the steps below:

1. Select + New.
2. Select Invoice.
3. On the first line, select the Product/Service being bought and fill out the quantity and amount.
4. On the second line, select the Product/Service for Gift Certificates (the one linking to a liability account), and enter a negative number for the amount of the gift certificate.

However, you can reach out to your accountant if you want other ways how to record cash gifts. To give you more information and detailed steps on how to give credit for a gift certificate balance, check out this article for more details: Sell And Redeem Gift Cards Or Certificates In QuickBooks Online.

Also, read this article on how QuickBooks categorizes your bank transactions: Categorize And Match Online Bank Transactions In QuickBooks Online.

Please get back to us if you need anything else about gift cards or certificates. I'll be here to help.