Gift Vouchers

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Gift Vouchers

Hi

I know there are a variety of posts regarding the handling of gift vouchers, but I just wanted a step by step setup for the following situation:

We have given away 20 x gift vouchers to existing customers - we know who the receipients are.

I need to know the following:

1. How to set up these vouchers in MYOB in readiness for redemption by the customers

2. How to record the redemption of these vouchers - the majority of these will be redeemed towards (in full or part payment) of sales invoices issued.

3.  They have a validity for use by the end of the year - how to treat the unclaimed vouchers.

Thanks in advance!

Mandy

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Re: Gift Vouchers

From the support note Gift vouchers

 

Task 1 - Setup your Accounts List

Create a new Liability Account (2-xxxx) called Unclaimed Gift Vouchers:

  1. Go to the Accounts command centre and click Account List.
  2. Click the Liability tab then click New.
  3. Select Credit Card in the Account Type drop-down menu. In BusinessBasics select the Detail Credit Card Account [Postable] option.
  4. Give the account a unique number that suits your account list.
  5. Name the account Unclaimed Gift Vouchers.
  6. Click OK.
    Image

Task 2 - Record the sale of a gift voucher

  1. Go to the Banking command centre and click Receive Money. In BusinessBasics go to the Command Centres menu and choose Banking then choose Receive Money.
  2. Click the Deposit to Account option, then click the adjacent account field's drop down arrow and select your cheque account.
  3. Enter the date and other transaction details then move down to the Acc# field.
  4. Click the drop down arrow and select the Unclaimed Gift Voucher liability account.
  5. Click into the Amount field and enter the amount received.
  6. Enter the S15 tax code - this is considered a sale so it is included in the GST Return.
  7. Check that the transaction details are correct then click Record.

These steps will result in a credit posting to the Unclaimed Gift Certificate liability account and a debit posting (deposit) to your cheque account.


Task 3 - Redeem the gift voucher

The gift voucher can be redeemed via a sales invoice or through Receive Money.

Using Receive Money

  1. Go to the Banking command centre and click Receive Money. In BusinessBasics go to the Command Centres menu and choose Banking then choose Receive Money.
  2. Select the Deposit to Account option then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
  3. Enter the date and other transaction details and then move down to the Acct# field.
  4. Click the drop down arrow and select the relevant income account (4-xxxx).
  5. Click into the Amount field and enter the value of the gift voucher.
  6. Click into the Tax field and enter the relevant GST tax code.
  7. Check that the transaction details are correct then click Record.

These steps will reduce the balance of the Unclaimed Gift Certificates liability account with a debit posting. It will also credit the relevant income account and at the same time record the GST liability.

Using a sales invoice

  1. Go to the Sales command centre and click Enter Sales. In BusinessBasics go to the Sales command centre and clickSales Register, then click New Sale.
  2. Select the relevant Customer Card then enter the other sale details.
  3. Click Layout and select Service or Miscellaneous. Please note that Miscellaneous type invoices can't be printed.
  4. Click into the Acct# field and select the relevant income account (4-xxxx).
  5. Click into the Tax field and enter the relevant GST tax code.
  6. Check that the transaction details are correct then click Record.

These steps will result in a credit posting to the relevant income account and also record the GST liability.

To close the invoice and record the redemption of the gift certificate

  1. Go to the Sales command centre and click Receive Payments. In BusinessBasics go to the Command Centres menu and choose Sales then choose Receive Payments.
  2. Select the Deposit to Account option, then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
  3. Enter the other transaction details and then apply the payment to the relevant sales invoice.
  4. Check that the transaction details are correct then click Record.

These steps will reduce the balance of the Unclaimed Gift Certificates liability account with a debit posting.

 

Task 4 - Write-off unredeemed gift vouchers

You can write-off unredeemed gift vouchers using a Receive Money transaction. An unredeemed gift voucher represents income, so the value needs to be allocated to an income account. If you want to track this type of income seperately, you can create an income account for this purpose.

  1. Go to the Banking command centre and click Receive Money. In BusinessBasics go to the Command Centres menu and choose Banking then choose Receive Money.
  2. Select the Deposit to Account option then click the adjacent account field's drop down arrow and select the Unclaimed Gift Voucher liability account.
  3. Enter the date and other transaction details and then move down to the Acct# field.
  4. Click the drop down arrow and select the relevant income account (4-xxxx). If you want to track unredeemed gift voucher income seperately, you can create an income account for this purpose.
  5. Click into the Amount field and enter the value of the gift voucher.
  6. Click into the Tax field and enter the relevant GST tax code.
  7. Check that the transaction details are correct then click Record.

These steps will reduce the balance of the Unclaimed Gift Certificates liability account with a debit posting. It will also credit the relevant income account and at the same time record the GST liability.

Thanks
Graeme Knox BSc BCom DipCom COP ACA
Business Analyst
Brunton NZ Ltd
Experienced User
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Re: Gift Vouchers

Hi Graeme

Yes, I had seen this answer before, however this appears to be when customers buy gift vouchers.  However these gift vouchers are provided by us at our cost.

Thanks

Mandy

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Accepted Solution Solved

Re: Gift Vouchers

Hi @mandyk

@GDK's information is spot on and has all the information that you do need about setting up a gift voucher account and redeeming the gift voucher. 

Instead of completing Task 2 - Record the sale of gift voucher. you would complete the following steps. You would to Banking>>Spend Money. You would select the Gift Voucher account at the top of the screen in the Pay from Account option. The account you would select in the gird underneath the yellow section is an expense (this would be an expense to your business and should be reported as such). This will increase you liability and increase your expense.

As mentioned the rest of the process is as indicated in that Support Note information that @GDK linked.

Do let us know if you required further assistance in regards to the Gift Voucher process.

Kind regards,
Steven

MYOB Community Support

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Experienced User
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Re: Gift Vouchers

Thank you Steven

Changing Step 2 has solved my problem!

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