question about trading in items for store credit
In the quickbooks pos system is there any way to give customers trade in credits if they trade in an old video game, also can I apply this to a gift card?
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ankJm0X9Cr3QjyacfA8pyY
11/02/09 9:43am PST
Viewed by asker 11/02/09 3:09pm PST
Viewed by asker 11/02/09 3:09pm PST
1 Reply
RichardTorian
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11/21/09 4:41pm PST
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Hi podiums,
One way of doing this is to create a non inventory part item. Select as the asset account (at the additional info tab, item window), the POS inventory adjustments account.
Then, use the non inventory item on the sales receipt with a negative 1 (-1) as the quantity and use as the price the trade in credit that is being provided. Select on the sales receipt the customer. Choose “account” as the payment method in the change amount column. When this transaction goes to QB it will give a credit to the customer, and debit the POS inventory adjustments account.
Then, create an inventory part item for the video game. Use the trade credit as the cost on the inventory part item. Do a quantity inventory adjustment to add the video game to inventory. Use the trade in amount used above as the cost. Be sure a new quantity of 1 is shown. The inventory adjustment in QB will credit the POS inventory adjustment account zeroing out the debit to this account in the above transaction.
(There may be an easier way.
If the customer has a credit, you should be able to apply the credit as a payment for a gift card.
Richard
