Gift Cards and Vouchers: Liability When Sold, Revenue When Redeemed
This lesson is part of the course
In this lesson
You work out the balance of each gift card, roll the gift-card liability forward month by month and find a difference between the roll-forward and the card register.
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Lessons in this course
- The End-of-Day Report: From Gross Sales to Net Sales by Tax Rate Locked
- Tender Breakdown: Cash, Card, Vouchers and the Tender Check Locked
- Card Settlements: Payout Dates, Fees and Matching Batches to the Bank Locked
- Cash: Expected vs Counted, Over/Short and Tolerance Flags Locked
- Tips and Service Charges: A Liability, Not Sales Locked
- Gift Cards and Vouchers: Liability When Sold, Revenue When Redeemed Locked
- The Daily Sales Journal: Debits = Credits and Clearing Accounts at Zero Locked
- The Month View: Reconciliation Status, Open Items and Their Age Locked