QuickBooks POS Gift Card Accounting: How to record them?

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QuickBooks Point Of Sale is all in one retail solution for small and medium merchandising organization. It will help you in running your business by tracking inventory, cash-flow, sales and manage customer information. Intuit has designed QuickBooks POS that it functions according to your requirement and it also come with a portable hardware device. QuickBooks POS come some very enhanced and improved features such as barcode scanning, price lookup, credit card processing, receipt notes, discounts, refunds, exchanges, layaways, quotes, quickbooks pos gift card and customer history. This software has some exceptional inventory management capabilities like price tag customization, inventory classification, inventory forecasting, customer orders, kit assembly, inventory matrix and back orders.

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How to record QuickBooks POS Gift Card:

Here are some steps you should follow in order to record your QuickBooks POS gift card. To record Gift Certificates or Gift Cards, you should create a Current Liability account, an Expert account and two other charge items.

Step 1:

How to create an another Current Liability account

This account will be used to record future liabilities.

  • Go to list menu, and select Chart of Accounts.
  • From Chart Of Accounts, select plus (+) option.
  • From New Account window, click on Type option and a drop-down menu will appear and then select Other Current Liability.
  • For the account, assign a proper name and number for it.
  • Now click on OK.

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Step 2:

Expense account should be created now

The Expense account is generally used to record gift certificates and gird cards for donation.

  • Open list menu and click on Chart Of Accounts.
  • From Chart Of Accounts, kindly select the plus (+) option.
  • From New Account Window, you will have to select Type drop-down option and click on Expense.
  • Chose proper name and number for this Expense Account.
  • Select OK option.

Step 3:

Create Other Charge items

The first other Charge item is basically used for recording gift certificates or gift cards sale or redemption. It uses Other Current Liability account.

  • Open List menu and click on items.
  • From Items List Window, select plus (+) option and then click on New Item.
  • From Type drop down dialog box, click on Other Charge.
  • Write appropriate name and description.
  • Click on Other Current Liability account from the Account drop-down dialog box which you have created in Step 1.
  • Leave the Amount or % field $0.00 and Taxable field should be cleared.
  • Select OK.

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You will have to create another Charge item for donating gift certificates or donations of gift cards but this time you will be using Expense Account.

  • Select Items from the Lists menu.
  • From Items List Window click on plus (+) option and then select New Item.
  • Click on Other Charge from Type drop-down dialog box.
  • Write a proper name and description for this account.
  • Click on Expense account from the Account drop-down dialog box which you have created in Step 2.
  • Leave the Amount or % field $0.00 and Taxable field should be cleared.
  • Select OK.

After following process you can easily record the QuickBooks POS Gift Card Accountable. If you have any query and you need some assistance then contact QuickBooks Point of sale support. Though they are third party QuickBooks Support agency but they are available round the clock to provide assistance. They have hired an elite team of QuickBooks Professionals who are Intuit certified and have years of experience in handling such QuickBooks issues. To connect with them, you just have call on their toll-free number +1-800-935-0532.