a customer used a gift cert. as partial payment on an invoice. I applied the gift cert. as payment but now it shows up as a deposit to be recorded. How do I handle, its not a real deposit.
It sounds like you have not been set up to handle gift certificates in QuickBooks. I just set another user (massage therapist) yesterday. First, set up an "Other Current Liability' account (in the Chart of Accounts) called 'Gift Certificates'......then go to your 'Item' list and create a new item.....an 'Other Charge' and call it 'Gift Certificates'......it will be non-taxable, of course and the Account you link it to will be the new 'Gift Certificate' liability account.......when you sell a gift certificate (say, for $75) you 'owe' someone $75 worth of product or service.......so on your Sales Receipt (customer drop-down menu) when you sell the gift certificate the money will be put into the bank (or undeposited funds if you're using that account) and the liability will be created. When the customer wants to use the Gift Cert. as partial payment on an Invoice you can go to the 'Journal Entry' module (Company drop-down menu).......in the Account column enter the 'Gift Certificate' Account, in the Debit Column enter the amount of the Gift Cert...on the 2nd line enter 'Accounts Receivable' in the Account column and the Gift Cert amount again in the Credit column.....still on the 2nd line, in the Name column enter the Customer's name. I hope this helps. If you need further assistance I can do this for you with my Remote Access thru WebEx, it would likely take about 20-30 mins to set up for you (I charge $65/hr) and you can pay with a credit card (VISA, MC, Discover). Good luck.
Bill
I have the gift certificate accounts set up in QB, however in this particular instance the gift certificate was purchased in my QB POS system and used for a "job" that I run through Quick Books. Here is the entire process:
1) sold the gift certificate through POS
2) customer used it as a payment against an invoice created through QB
3) now the "payment" is waiting to be deposited but it's a gift certificate, it shouldn't be deposited anywhere, I've already accepted payment for the gift cert. throught POS
4)how do i close out this transaction/do I need to do a journal entry of some sort?
Is your second QB not QuickBooks Premier Retail linked with your QB POS? Where in the general ledger was the gift certificate accounted for when it was purchased?
POS and Quick Books Pro 2009 for windows are linked. When the gift certificate was purchased it posted as a sale through POS and it appears in my Quick books as gift certificates outstanding. When I sell a gift certificate through pos and redeem it through pos it all works smoothly, it's only when i sell it in pos and redeem it through quick books that I have a problem.
