QB Issue Resolution:
Many complex accounting problems can be solved with a reasonable estimate – and you get to decide if its reasonable.
So make your estimate and create the liability – that was the easy part. Now the hard part – what to do with the offset?
If its a small number then just record is a sales reduction,
but if its significant then by my judgement this sounds like a change in accounting policy and therefore requires a retroactive restatement of the prior year – that may open big a can of worms if your client suddenly discloses a big off-the-books liability and has to take a big equity hit. If theres no credit faciities then no probelm, bu tif there is then be very careful – it may not be worth the effort.
Resolution for Issue 'How do I start tracking gift certificate issuances and redemptions after many years of not tracking them?' available: Yes (Solved).
Source: Intuit Community forum.
How do I start tracking gift certificate issuances and redemptions after many years of not tracking them?: 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.Support for accounting problems
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