Hello there. Thanks for getting back in on this thread. Let me share additional insights to help you record gift cards in QuickBooks Online.

As my colleague has shared above, its preferences or steps are for the United States region. However, the recording processes given are correct. Beforehand, I appreciate you sharing a screenshot, and yes, you're on the right track. You'll need to set up a liability account and a service item. You can record the Gift Card as sales receipts when issued and invoice when redeemed. To do that:

1. Go to Settings and select Chart of Accounts. Then, click New.
2. From the Account Type dropdown, choose an appropriate liability account. 
3. In the Detailed Type dropdown, select the detail type that best fits the transaction you want to track.
4. Ensure all necessary details are entered correctly.
5. Click Save and Close.

Then, you can follow the steps above when creating a service item that must be associated with the liability account created. Once done, you'll need to create a sales receipt for the customer.

Also, once the gift card has been redeemed, you can record them as an invoice. To guide you how, please refer to the steps below:

1. Click the + New icon, then select Invoice.
2. Choose the customer's name.
3. On the first line, choose the Item being bought.
4. Enter the amount.
5. On the next line, click on the Gift Card (the one linking to a liability account), and enter a negative amount.
6. Click Save and Close.

Here's an additional reference you'll want to visit: Sell and redeem gift cards or certificates in QuickBooks Online.

Additionally, I'd suggest consulting your accounting professional to guide you in what accounts to use and further assist you with the accounting process to ensure your books are accurate.

I've added this guide to help you review and ensure your bank and credit card statements match: Reconcile an account in QuickBooks Online.

We'll always be around whenever you need additional assistance recording gift cards. Feel free to leave them in the comments below. Keep safe and have a good one!