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Post Info TOPIC: Gift Cards/Vouchers Sage nominal code
katsafe


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Gift Cards/Vouchers Sage nominal code
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The sale of gift vouchers from a retail store - is there a preferred nominal code in Sage or should I set up a gift card control account somewhere in the 200s?  I realise there will be no VAT on the sale of the vouchers only when the vouchers are exchanged for goods/services so is the best way to enter both transactions through journals?

The previous bookkeeper had entered these as sales with VAT so I'm going to have to create journals to correct the VAT postings anyway - these have already been included in a previous VAT return.  I only came across these entries when searching to find out how gift card sales had been entered previously.

Any advice will be greatly appreciated thanks.

Kat

 



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MarkS


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Hi Kat

Yes I you say I would create a control account and Cr the account when the vouchers/cards are sold and Dr and add on VAT when they are redeemed.

Regards    

Mark



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
katsafe


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Thanks for the quick reply, I can now get on and create a journal to put right all the incorrect entries!

Kat

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