How to record gift cards and gift certificates
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How to record gift cards and gift certificates
Gift cards and gift certificates represent money that customers have paid to you in advance, in order to receive goods or services later. If your business offers gift cards or gift certificates, he...
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Doesn't explain how to buy gift vouchers on an invoice....
If we record a gift car/voucher this way is there something we can send the customer as proof of payment/receipt?
@JCD Could you please elaborate a little more in terms of what you're trying to accomplish with buying gift vouchers on an invoice? Rather than selling the item to your clients, are you referring to buying gift cards from specific vendors? I would be happy to dig in a little further with you, once there's additional context here.
@VPC I'm afraid there isn't really a way to show proof as payment or receipt to the client, since you're creating a payment account for your own tracking purposes (not for the clients). The receipt wouldn't detail the payment account information, just the line item and the method of payment. One workaround would be potentially writing a custom message in the receipt section, letting your client know that you used a portion of the payment from a gift voucher/card.
All my sales (of therapy services not goods) are invoiced to provide proof & receipts
My client wanted to buy (prepay/gift voucher) for sessions when I can resume work (we're in lockdown at the moment)
So have sent her an invoice, which she has paid
All advice welcome
Hey @JCD! We've actually got a really solid Help Center article here that might help out here! Let me know what you think
Hi ConnorM
Didn't help enough I'm afraid as does not cater for selling gift certs/prepay vouchers on a certificate, where you have to receipt that invoice as paid for the customer and also hold it as prepayment until they actually use the services that have been prepaid
basically wishing I'd just refused to take payment from the customer.
Hey @JCD, I'm hearing what you're saying here. Unfortunately, that starts to get into some pretty accounting-heavy workarounds that I'm not sure I'm best equipped to advise on. Perhaps asking in the 'Find a Wave Pro' category in the Community would be beneficial for finding a CPA that might be able to give you some better advice on this!
Hi, another Q, just checking I know how to process the prepay voucher when used and following the instructions for
"To apply the gift card against an existing invoice:" recording a manual payment the "Gift Card Sales" is not shown in the account list - any ideas why?
It is set up exactly as instructions in "Setting up a new gift card or gift certificate account:"
Invoice is still outstanding for payment, as actual payment was categorised as ('Prepay/Gift Vouchers')"Gift Card Sales" which is correctly appearing as a Customer Prepay and Customer it belongs to.
Thanks
Hey there @JCD
Forgive me for maybe not understanding fully what the ask is, however it sounds like you're not seeing the gift card that you created under your chart of accounts under the payment method?
Would you mind sending us a screenshot of the account created under your liabilities account? Was this under the sub-category "Customer Prepayments and Customer Credits"?
I've tried this on my test account and it seems to have populated for me. Do let us know!
Looking for how to handle a gift card given to an employee. Probably a question related to payroll. How would you add it to the employees payroll
Hi @Ghuf , in Wave Payroll there is no option to indicate on the payroll itself that you've given a gift card to your employee. Usually you are able to add bonuses and such to your employee's pay through Payroll > Employees > Select employee's profile > Benefits and Deductions. Doing this would add the additional amount to their next pay. However, if you're giving them the gift card, you'd likely not want want to pay them that amount again.
In this case, an option would be to record the gift card as its own transaction through your Transactions page. However, doing this will not link the transaction to the specific employee and the payroll. I don't want to advise you incorrectly here so I would recommend reaching out to a CPA to ensure you are recording this correctly for your business.