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I am having a bit of trouble booking a set of business entries in WAVE

TDuvallTDuvall Member Posts: 26

I am having a bit of trouble booking a set of business entries. Materials originally booked to an expense account under customer name Grindel were returned to Lowes. Lowes issued gift card for the return in lieu of cash. Materials were purchased for various other customers against the gift card. Couldn't find any specific GAAP guidance on this and decided to Debit A/R and Credit Materials Expense, and for any purchases made using the gift card to Debit Materials Expense and Credit A/R. I wasn't able to hit the right accounts using Add Income or Add Expense, where I could designate a customer name. I was able to hit the right accounts using Journal Entries, but was unable to designate a customer name. I want these transactions to show up with any other ones for the affected customers . . . does anyone have any ideas?

edited April 17, 2020 in Accounting Technical Support

Comments

  • TDuvallTDuvall Member Posts: 26

    I have not seen any replies yet. Those of you that have viewed it . . . is there more information that I could provide that would improve the answerability of this post?

  • NicoletteBNicoletteB Member Posts: 122 ✭✭

    @TDuvall Appreciate you asking if there needs to be more clarity on your post. I moved your post to our Accounting Technical Support area where any accounting relating questions should be housed.This should provide more visibility to some our Wave Pros who can offer some bookkeeping advice on this matter and I encourage any to reply if they can!

    I think one thing I am missing is what your desired outcome is to look like. Are you trying to show the gift card credit on other customer's accounts and to not show as a standard expense? Or you would like the gift card expenses to be attributed to a specific customer? If you can provide more clarity on what you want your books to exactly show, that will make it easier to find a workflow that suits you.

  • TDuvallTDuvall Member Posts: 26

    I ended up creating a Vendor Prepayments and Vendor Credits account called "Merchant Gift Cards" . Then I was able to enter the reduction in materials expense for the proper customer, and I will be able to book the expenses for other customers as the card is used.

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