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Join nowI use QB Enterprise 20.0. I have never offered gift certificates in my 18 years of business. When we have done something in the past (once or twice) we have done it very wrong. Our business is growing and changing and I want to offer GC and do it right in my system. I have searched and searched in community and can't find the steps I need to take (I find lots for online). I know I need to set up a liability account for GC and I believe there is already one there (I actually see 2 Gift Cards Outstanding, Gift Certificates Outstanding) but after this point I don't know what to do. I sold a GC yesterday and just did the sales transaction as I normally do but now need to fix it so it is correct in QB. Can I actually take that GC amount and apply it as a credit on the recipients account? Is there anyone who can give me some steps to follow?
Thank you!
Hello there, jghareeb777.
Let me share information about tracking gift certificates in QuickBooks Desktop (QBDT).
You're right in setting up a liability account. Once you purchased gift certificates, credit the liability account since you owe the customer the value of the gift card. Then, when it's redeemed, set up the gift cards as a payment method. Doing so will credit the sales and debit the gift cards, which results in reducing the liability.
In case you need tips and related articles in the future about the "How Do I" steps in QuickBooks Desktop, visit our QuickBooks Community help website for reference.
If you have any follow up questions, let me know. I'm here for you. Have a great day.
Thank you for your response. I have looked through Q&A and am going to look again but I can't find how to credit the liability account. I have the payment type setup so that when the gift certificate recipient comes in we can use that to pay. But as of right now I am only showing a sale for a gift card and nothing else. Gah! I am having such a hard time with this.
Thank you for your help!
I appreciate you getting back to us and searching for answers to your concern, @jghareeb777.
Allow me to fill you in on everything about tracking purchased gift cards in QuickBooks and help you from there.
When you sell gift cards, you'll want to make sure that you create a liability account for the item. This way, when someone purchased the GC, QuickBooks will automatically credit the liability account once you created a sales receipt. Also, you must enter a negative amount for the GC when creating the sales receipt so the balance on your liability account will decrease.
As I've read your original post, you aren't sure if a liability account for the GC item was created. Let's go to the Item List and verify if the GC item is associated with a liability account. Here's how:
As always, feel free to visit our QuickBooks Community help website if you need tips and related articles in the future.
You can always get back to me here in the Community if you have any other questions. I'll be more than happy to assists you.
I have the liability account set up and I have the payment type set up. The recipient of the gift card has come in and used the full amount. I processed his payment. BUT I have no clue what to do now. The liability account still shows $200. Is there a way to connect the payment type to the liability account so that the amount is deducted? Do I have to do that manually as a journal entry?
Thank you!
I have the liability account set up and I have the payment type set up. The recipient of the gift card has come in and used the full amount. I processed his payment. BUT I have no clue what to do now. The liability account still shows $200. Is there a way to connect the payment type to the liability account so that the amount is deducted? Do I have to do that manually as a journal entry?
Thank you!
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