Re: [SL] Gift Vouchers

[Roy N. <RNi...@NB...>]

I agree that there is no 'sale' until a voucher is redeemed (which,  
from a business standpoint is hopefully never).  However, vouchers,  
coupons, options, etc. are liabilities against the business (this is  
why they usually come with expiration dates) and should be recorded  
as such.

Roy

On 19-Apr-2007, at 00:30, David J wrote:

> George
> You may care to check this ATO document.
> http://www.ato.gov.au/businesses/content.asp?doc=/content/42952.htm
> (Sorry I can't hyperlink from this webmail.  Pls cut 'n
> paste.)
> Perhaps you don't "sell" vouchers, but rather "issue" them.
> Perhaps the issue of a voucher should NOT be invoiced at
> all.
> Invoice only when voucher redeemed.
> A voucher is a lot like a promissory note or an IOU, rather
> than a sale.
> So the outstanding vouchers are like mini-loans from your
> customers.
> GST only when voucher redeemed for goods/services.
> YMMV in accordance with local conditions.
> As always, check with your accountant.
> - David J
>
>
>> On Thursday 19 April 2007, la...@cl... wrote:
>>> 1. create gift voucher in part.
>>> 2. create sales invoice to sell a gift voucher to john
>>> smith (money to your bank).
>>> 3. create an negative ar transaction (money to your
>>> credit note or gift voucher account) for john smith.
>>
>> What would you do with taxes here?
>>
>>> 4. john smith's account should now reflect that he has a
>> credit. >
>>> the credit note or gift voucher account should help you
>>> track your gift vouchers.
>>>
>>> would this do it?
>>
>>>> Anybody out there selling gift vouchers? If so how do
>>>> you do it? How do you
>>>> track them?
>>>>
>>>>
>>>> --
>>>> George
>>>> AUSTRALIA
>>>> http://www.okstudio.com.au
>
>
>>>>
>>>>
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>> -- 
>> George
>> AUSTRALIA
>> http://www.okstudio.com.au
>>
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