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Tomohiro
Level 1

How to record gift card related transactions

Hello,

 

I'm doing my small business using QuickBooks Self-Employed. Let me ask how to record/manage gift card related transactions.

 

I found a discounted amazon gift card like $90 of its price which is able to redeemed into $100 value on amazon. Is it possible to use this kind of gift card for business use like purchasing office items etc? If it's possible, how should I record the following items?

   (1) The cost to purchase the gift card

   (2) The difference between the cost of the gift card itself and the actual value on amazon

   (3) The cost to purchase the office items using the gift card balance

 

I'm a beginner of accounting. If someone can help, please tell me the method to manage the gift card transactions.

 

Thank you,

3 Comments 3
DHeraV
Moderator

How to record gift card related transactions

Welcome to the Community, @Tomohiro.

The option to record gift card related transactions in QuickBooks Self-Employed (QBSE) is unavailable. Since QBSE is an on-the-go income and expense tracker with a limited record-keeping feature, you only have the option to enter a transaction name and amount.

It would be great to be able to record the cost of the purchased gift card, the difference between the gift value and its actual amount, and the office items in QBSE. 

However, due to the limited record-keeping feature, you may want to consider moving to QuickBooks Online (QBO) for easier sorting of transactions, such as recording gift cards. For detailed steps in switching to QBO, kindly visit: Switch from QuickBooks Self-Employed to QuickBooks Online.


Recording and tracking gift certificates are easily done on the Online platform. You may want to check out this article if you want to learn how to record purchased gift cards from your vendors in QBO: Record gift certificates purchased from vendors.


Feel free to leave a reply if you have additional queries about recording gift card related transactions in QuickBooks. The Community team always has your back. Have a good one.

Tomohiro
Level 1

How to record gift card related transactions

Hello @DHeraV ,

 

Thank you for your quick reply. It's so helpful for me. I'll refer the articles you suggested. 

Let me consider to switch from QBSE to QBO to handle gift card certificates.

 

Thank you so much,

Tomohiro

Tori B
QuickBooks Team

How to record gift card related transactions

On behalf of my colleague above, you're welcome, @Tomohiro.

 

Please let us know if you have any additional questions or concerns. We've got your back. Take care! 

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