Re: [SL] Gift Vouchers

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

Your accountant may very well tell you that you are not "selling" a  
voucher - a sale only takes place when a good or service is  
contracted or delivered to the customer - but actually accepting a  
pre-payment for a good or service to be sold/delivered at some future  
date.   It's a similar situation to when a borrows money or sells  
bonds (save there are no usage (interest) charges).  You have the  
money in your bank account, but the holder of the debt (gift voucher)  
can redeem it at their will (within the terms of the voucher, bond,  
etc.) ... if is for this reason that you need to record it as a  
liability.

Roy

On 19-Apr-2007, at 13:38, la...@cl... wrote:

> 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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