CenterPoint® Fund Accounting
- Gift Certificate Sales and Redemption
Related Help
This document describes the process of selling and redeeming gift certificates.
Step A: One-Time Setup
Step 1: Create a Liability Account
This account will be used when the gift certificate is sold. The liability account will then be relieved when the gift certificate is redeemed (used).
- Select Setup > Accounts > Accounts. Click New.
- Specify an appropriate number for this new Account. This is optional if you do not use account numbers.
- Specify "Gift Certificates Sold" or something similar in the Name field.
- Select Liabilities in the Type field, and Unearned Sales Revenue in the Category field. Click Save.
Step 2: Create a Payment Type
This payment type will be used when gift certificates are redeemed. It will relieve the liability account instead of increasing cash.
- Select Setup > General > Payment Types. Click New.
- Enter "Gift Certificate Redemption" in the Name field.
- In the Type of Payment field, select Other as you will not be receiving cash or check payments when a gift certificate is used.
- Specify your Gift Certificate Sold account (setup in Step 1) in the Account field.
Step 3: Create an Item for Gift Certificate Sales
- Create an Item (Setup > Sales > Items or Setup > Inventory > Items) as you normally would for gift certificates. Please refer to the Understanding and Using Items topic for step-by-step instructions for creating a new basic item.
- When specifying accounts on the Accounts tab of the Sales Item, use the Gift Certificate Sales liability account setup in Step 1 (Create a Liability Account).
- Click Save.
Step B: Gift Certificate Sales
- Enter a Customer Invoice as you normally would. Please refer to the Enter Unpaid Sales Invoice topic for step-by-step instructions for entering an A/R Customer Invoice.
- On the detail tab, use Gift Certificate Sales in Sales Item and enter the appropriate price.
- Enter the Appropriate payment information and Save the transaction.
Step C: Gift Certificate Redemption
- Enter a Customer Invoice as you normally would. Please refer to the Enter Unpaid Sales Invoice topic for step-by-step instructions for entering an A/R Customer Invoice.
- On the Detail tab, specify the actual items that were purchased and their corresponding amounts.
- Click on the Amount Rcvd button.
- Select Gift Certificate in Payment Type. Then specify the Amount of the gift certificate. If additional cash/check payments were also received, they can be identified on additional lines in the Amount Received screen.
- Click OK and Save on the original Customer Invoice screen.
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