Re: [SL] Gift Vouchers

[<la...@cl...>]

So would creating a sales invoice and instead of having it recorded into
the AR account but having it recorded into a liability g.v. account be
more appropriate? So the question is really g.v. should be a liability
account (a question will probably be confirmed by my accountant)? Which
make more sense anyway...the part "no 'sale' until a voucher is redeemed"
should all depends on if you are giving away a gift voucher or have sold a
gift voucher? My client do both of that in her business...Tim

> 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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