Gift Card Sales Bookkeeping Question
Gift Card Sales
Do you count the sale of gift cards when you sell the card or when the card is redeemed for merchandise?
by Doris Peery
(Yorktown, VA )
My boss paid for materials with a gift card and his credit card. How do I enter the gift card?
What is the proper method to record gift certificates sold?
Golf Shop Gift Certificates
We have just recently opened a Golf Shop and would like to offer Gift Certificates.
We do not know how to make the transaction. Do we keep a ledger, numbering the certificates?
How do we keep track of the taxes? We know we can't enter the transaction in our register twice, so how do we handle all the necessary steps?
We just need to know what to do from start to finish.
We are currently doing our own accounting, so need to keep the records as simple as possible.
Gift Certificate Donations
When a company donates gift certificates for services, are they only recorded if the certificate is ever used?
I know that when you sell a gift certificate you credit that to your gift certificate liability account and debit the bank account. Then when the certificate is used, you record the sale and taxes (credit) and off-set the payment to your gift certificate liability account (debit).
I just need some clarification on the donated gift certificates.
I asked around on this one and the consensus is that a gift certificate for services should only be recorded when the certificate is redeemed. You would do this with a credit to the sales account and a debit to the donations account.
However, a donation of TIME is not tax deductible. So, some have said that the transaction would not need to be recorded at all.
Does anyone else have an opinion on this one?
Gift Certificates and Bookkeeping
by Rae Seaman
(Victoria, BC Canada)
I own a small nail salon in BC, Canada, and I'm confused about how to sell and record gift certificates. I want the certificates to have an expiry date so that I don't have money hanging over my head for years. Should I sell a "service" instead of a "dollar amount" to be able to put an expiry date? Also, when do I claim taxes on the sale of the gift certificates?
Gift Paid to Clients
In accounting treatment, the gift items given to our clients, come into which ledger account?
A vender gave our company a large gift that we used to decorate our offices. How do we enter the value of the gift received by our corporation in the general ledger? Thank you.
Gifted Fixed Assets
We are a non-profit corporation using QuickBooks Pro. We have received fixed assets (cargo trailer, furniture, etc.) as gifts. How are these entered?
Gifting Sale Price of Stock
What is the correct journal entry for recognizing a $25,000 gift to an employee who is buying 5% of our S-Corp for $100,000, considering that we are loaning the money for the purchase and gifting $25,000 to the employee? We also need to add this gift to their W-2 and provide a "withholding" bonus to cover estimated taxes on the gift.
Gifts in Kind
When a charitable organization received a Gifts in Kind such as office supplies etc., how is it entered. Do you benefit from the GST on such receipts as well by entering as a tax credit?
Giving Away Product Samples
What is the best way to record samples of our inventory that we give away to customers? I've been told I can put this under promotions, but I need to keep track of our inventory. Also, is GST included in this amount or not?
Giving Customers Gift Cards
How can I properly account for a monthly special where we offer customers either a discount on their invoice or a gift card to local restaurants?
Specifically, how can I ensure the invoice total remains accurate if we provide a gift card instead of a discount? Also, how should the purchase of these gift cards be coded in our accounting system?
Stock Gift Certificate Bookkeeping Question
Stock Gift Certificate
Can someone help me with the appropriate entries for a gift of stock where the gift is valued to the donor on the day of the gift, but the stock is sold the next day at a gain or loss? Thanks
Journal Entry to Record Receipt of Gift.
A C Corporation receives a gift of real property. The journal entry would be to debit fixed assets. Would the credit be to revenue or to equity?