QB Issue Resolution:

When you accept payment for a gift certificate, you accept the liability to redeem the gift certificate some time in the future. In order to fulfill that obligation and track the transaction in QuickBooks Online, you will need to set up a liability account and special items to use on a gift certificate invoice.

To sell a gift certificate:

Choose Create “+” > Sales Receipt.
Enter one line for Gift Certificates. This Gift Certificates Product/Service can be linked to a liability account if you want to track it as a liability.
Specify into which account the money received for the gift certificate is going, as well as how it will be deposited.

To redeem a gift certificate:

Choose Create “+” > Invoice.
On the first line, select the Product/Service being bought and fill out the quantity and amount.
On the second line, select the Product/Service for Gift Certificates (the one linking to a liability account), and enter in a negative number for the amount of the gift certificate.

If amount of the gift certificate is more than the amount of the purchase, then you either give the customer cash or a credit.

To create a credit memo:

Choose Create “+” > Credit Memo.
In the first line(s) enter in the Products/Services being purchased. Instead of entering a positive amount (5.00) enter in a negative amount (-5.00).
In the last line, select the Product/Service you are using for Gift Certificates. Enter a positive amount.
If there is tax on this sale, enter it in as a negative amount. The amount in the Total Credit field will show how the credit amount the customer has left from the Gift Certificate.

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Details
Answer ID 6512
Products QuickBooks Online Simple Start (H)
QuickBooks Online Essentials (H)
QuickBooks Online Plus (H)
Categories Using This Product
Date Created 05/31/2014 10:49 AM
Date Updated 03/29/2015 08:36 AM
Allow Crawling? Yes

Resolution for Issue 'How do I handle gift cards and certificates?' available: Yes (Solved).
Source: Intuit Community forum.

How do I handle gift cards and certificates?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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