Re: [SL] Gift Vouchers

[George O. <geo...@ya...>]

On Friday 20 April 2007, Tony Fraser wrote:
> On Fri, 2007-04-20 at 10:30 +1000, George Osvald wrote:
> > On Friday 20 April 2007, Roy Nicholl wrote:
> > > 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.
> >
> > So could they be treated as orders then? When a customer purchases a
> > product and redeems a voucher I could make an invoice out of the order. I
> > could also use the order number to track them. It would not be too hard
> > to customize the order template to print different heading for gift
> > voucher receipts.
>
> Here's what I would do:
>
> Create a liability account in you CoA "Outstanding Vouchers" and mark it
> AR_paid and IC_income.
>
> Create a service called "voucher" with the sell price set to te face
> value of the voucher and income account set to "Outstanding
> Vouchers" (the IC_income link should make it show up in the list of
> "Income" accounts even though it is actually a liability account.) and
> uncheck any sales taxes.
>
> If a customer buys a voucher make a sales invoice for a voucher and
> accept payment however you want.

By law I have to charge GST on all services I provide/sell. With every service 
above $50 I also have to provide tax invoice that states amount of GST 
charged. I can not create service and uncheck taxes. Only ways I can see at 
the moment are really orders or some kind of pre-payments into existing 
accounts. Making a GL transaction at the time of purchase would be too 
complicated.


> If you give away a/some voucher(s) make a sales invoice and pay it from
> either an equity account or an expense account like "Promotions
> Expense". This is definitely a question for your accountant to answer.
>
> When a customer redeems a voucher you will be able to accept it as
> payment of a regular sales invoice by choosing the "Outstanding
> Vouchers" account as the payment account. It will be in the list because
> of the AR_paid link.
>
> If you want to know the amount of vouchers you have outstanding you just
> have to look at the balance of the "Outstanding Vouchers" account.
>
> If your vouchers have an expiry once they are expired you can either
> debit "Outstanding Vouchers" and credit "Unused Voucher
> Income" (vouchers that were bought but not used) or debit "Outstanding
> Vouchers" and credit "Promotions Expense" (giveaways).



-- 
George
AUSTRALIA
http://www.okstudio.com.au