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Buy nowHey, Info2154. We can create a journal entry for the accounts that can be affected when your customers redeem these promotional gift cards and translate the amounts involved to the promotional expense account. However, since this also involves selecting the correct accounts for your daily sales journal entry, it's best to collaborate with your accountant.
First off, since this involves the accurate selection of accounts for recording the transactions correctly, itβs important to ensure that everything aligns with standard accounting practices tailored to your specific business context. Therefore, I recommend consulting with a professional accountant who can provide guidance tailored to your business's needs. If you do not currently have an accountant, or looking for specialized advice, our QuickBooks ProAdvisor service is incredibly helpful.
On the Other hand, I can offer some general guidance on the accounts typically affected when customers redeem promotional gift cards. Follow these steps to write off inventory items given as promotional samples:
On the first line:
On the second line:
On the third line:
On the fourth line:
I'm also pleased to inform you that you can elevate your financial management with the help of our QuickBooks Live Expert Assisted team. They specialize in helping you transform your financial management and provide personalized advice for your business's specific demands.
Furthermore, if you'd like to record your total daily sales without the use of a Journal Entry, you can refer to this helpful article as a future reference: Record your total daily sales.
Please feel welcome to return to this thread if more queries come up about entering journal entries. We'll be available around the clock to assist you further.