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Steven_ZA
Level 3
posted
‎September 12, 2021 02:57 AM
last updated ‎September 12, 2021 4:36 AM

Using payments to offset gift card liability account

I understand Quickbooks recommends reducing the gift card liability account by adding negative item lines to the invoice referring to the gift card liability account, but this doesn't work for us due to the way we need to track the gift card usage as an actual payment when importing via the API.

 

How is the best way to tackle this? I could link the payment deposit account to a clearing account, and then do a monthly GL to clear the account balance and offset the gift card liability account. This would presumably set the correct balances on the accounts. Or is there a better way of doing this?

 

Thank you.

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1 Comment 1
ShiellaGraceA
QuickBooks Team
QuickBooks Team
‎September 12, 2021 04:57 AM

Using payments to offset gift card liability account

Thanks for reaching out to us, @Steven_ZA.

 

I have some information about recording your gift cards. In your case, using a clearing account is one way to offset the balances of your accounts. See this guide for details.

 

 

For other ways of recording it correctly, I recommend consulting with an accountant. Refer to our site to look for accounting experts: Find an Advisor.

 

In case you want some information about the gift card liability accounts, feel free to run a report. Here's the link to guide you through: Run Reports in QuickBooks Online.

 

I'll be here if you still have questions or concerns with gift cards. Don't hesitate to reply. Have a good one.

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