Setting up to accept Dealership Gift Cards

Set-up to accept gift cards

1.       Create a G/L account of type Bank called Gift Card Clearing.

2.       Create a Misc Charge that posts to the Gift Card Clearing account.

3.       Create a CC type under Company > Location Support Lists > Credit Card Sales called Gift Card.  They CC type should post the dollars to the Gift Card Clearing account upon settlement.

4.       If you want to track amounts by customer, they can then set up the gift card under a Customer PO when they come to redeem it the first time.  Most shops say they must use the entire gift card in one transaction which simplifies the tracking.

Selling Gift Cards

1.        Put the Gift Card Misc Charge on the Invoice.  Add any identifying information (Gift card number, etc) in the description).  The Unit Cost will be the amount of the gift card.  Quantity will be the number of gift cards issued.  This will post the Liability in the Gift Card Clearing account as a credit and show the amount received in undeposited funds or on the A/R account.

2.       When redeeming, they will choose the settlement type Credit Card and use Gift Card in the CC Type drop down.  (If they are tracking the Gift Card on a Customer PO, they will want to add that PO to the Invoice prior to settlement and verify the remaining balance on the tracked PO.)  They should put any gift card identifying information in the memo section to help with reconciliation.