December 11th, 2009
I Am Going To Try This Accounting Question One More Time….?
We have a gift certificate program at work where we buy the certificates from a company for face value, 5, 10, etc and then we in turn sell them to the public. We make nothing off of these as we are a non profit. When we buy the g/c the money is debited from our checking account.
When we sell them, they are either paid for right then or they are invoiced to our members. We do not use Quickbooks to invoice from because it was never set up that way.It is done through a membership program. But in Quickbooks we have an account called “gift certificates on hand” that when the gift certificates are ordered I go into QB and write a check to the g/c company which credits cash and debits the on hand account. Then when the gift certificates are sold and the receipts have been posted, I make the deposit into QB’s to the “g/c on hand”.
Which then debits cash and credits g/c on hand. My problem is trying to get the a/r in quickbooks to match the a/r in the mem. program.
