Electronic Signature Restaurant Gift Certificate Made Easy

Electronic signature restaurant gift certificate

hey it's Candace and in today's quick looks tips and tricks we're going to talk about gift certificates how do you set them up and what you do with them so the first step is going in to your items list because when you sell a gift certificate it is not considered income to you until you provide the product or service that the gift certificate readings right so the moment you sell the gift certificate it's actually considered a liability to you so what you're going to do is you're going to go under lift items list and you're going to go to the bottom and you're going to create a new item and that item is going to be an other charge you can choose a name or a number that you give all of your items in this example I just did gift certificate to keep it simple I'm not going to worry about a description if you want to put a description in there you can that will populate on the invoice and then I'm going to leave the amount as zero unless you always sell the gift certificate for a specific amount the tax code I'm going to leave is non-taxable because when somebody buys from you you don't know what they're going to redeem it for and when they redeem it that's when it becomes a taxable item so the account we are going to use is actually going to be an other current liability and we are going to call it a gift certificate gift cards whatever you want to title that I'll show you what that looks like I'm going to add a new account and you're going to call it an other current liability and you can choose to call it gift cards gift certificates whatever you want to call it but this is where it sits until you redeem it so it's as a liability all right so let's go in and what you want to do is you want to create can either you're going to go in and you're going to create a sales receipt okay so you choose who how you want to track your customers whether you track gift certificates is every customer who's purchased a gift certificate all your gifts tribute sales or if you want to do it by the person's name who purchase gift certificate because often someone else redeems it right so that's your choice who you want to call as the customer you can if you have classes all that kind of stuff you can choose what type of payment the date that they did it on I mean a quick look sample file so it's a future date then your item that we just created gift certificates you want to put in the gift certificate number if your gift certificates are numbered any comments that you want to save in here and then the amount of money that your gift certificate that they purchased is four and then you're going to choose non-taxable because right now we're just holding that so then we're going to click Save and close and I'm going to show you what happened so if now we went over to the balance sheet and we changed it to the 31st and we go down to the bottom under liabilities we're going to see gift certificate $80 we double click on it we will see that gift certificate total we can because the date that I picked I had to change it but so if you don't see it you can always click all and it will sit there as a liability until you remove it so what is the process of removing it let's go do that now so we've sold the gift certificate and we've accounted for it the income is sitting here ready to be recorded right here's our cash our undeposited funds you can choose that you could put that in the bank just like you normally would okay so it's been put in the bank you create a sales receipt you deposit everything they recorded the bank it's been recorded and the liability has been required those are the two sides now you can go in and you can create an invoice or a sales receipt to record the actual sale so let's just go into a sales receipt and we're going to choose the person who's going to redeem it if you want you can just call it these certificates you can put it by the person's name Carole gay David David the gift certificate and so we going to go through let's say he redeems the gift if get on December 31st you can add a payment type called gift certificate you can choose to call it gift certificate it's a gift card type and click OK so it'll track that type of payment for you and then you're going to go in and you're going to choose the item so the items you're going to choose first are the things they're buying from you what are they reading their gift certificate for so we'll go in here and do tree removal with Sketchup when you get your discusing but we'll say that it depends now tree removal more expensive than a dollar gift certificate but let's say it was $80 I'm going to give you two examples then what you can do is you can come down here and you can do your gift certificate you put in your number again I don't actually remember exactly I typed in but then you're going to do negative 80 so that way this person is not actually paying for anything your gift certificate fully covers it it puts it in as a sale towards your income account and it takes it away from your liability back to what would happen right here now say that technically what they want to buy is $100 then they would owe a difference of 20 and you could put through the payment difference and you could choose check cash debit card however they pay for it that's another example to keep it simple we're just going to put 80 dollars if they have multiple types of services so let's say that the tree removal is actually 60 so I'm giving a couple different examples because if I don't you guys going to be asking any questions in the comment below and it's easier to do it in the video now so let's just say they did trigger them over 480 or 460 and they did a pest control for 22 because we're working with small numbers what you would want to do thin is you can technically subtotal this you can put a subtotal in and it would tell you how much money it is and then you could put your gift certificate in your certificate number you can all be asleep with a date of service and all that in there but they're still going to zero okay so I'm going to leave this example since this is last one we've done and I'm gonna click Save and close and I want to show you what's now happened so we're going to go in and we're look at the profit loss so let's pick just December 31st show what we did today or in this example you're going to see twenty dollars here and sixty dollars down here so their total income was eighty but it puts it wherever those items are set up inside your QuickBooks right then what happens is if we go to the balance sheet and we pull it up through the 31st and we go down you'll notice that gift certificates are zeroed out see they don't even show up right now but what we can do is go on your list chart of accounts find our gift certificates they're going to be down here under current liability and you'll notice they say zero but you could double click on them and you will see eighty dollars we used eighty dollars was here and the gift certificate I used a slightly adamant three right unanswered for but that's why you want to track your gift certificate number so you can see where it was redeemed at okay as a recap when you receive the gift certificate money when they purchase a gift certificate goes to the liability then when they redeem the gift certificate you put all the things they purchased as regular sales show that to you and then the gift certificate goes in as a - whatever the gift certificate dollar amount is and if they still owe you they owe you and if they have a remaining credit then you would just leave your gift only the amount of the gift certificate they actually used have an amazing day hope you guys enjoy the tip don't forget to subscribe if you want to get these tips and tricks in your inbox feel free to go to the I and put your name and email to get them and if you need personalized help with QuickBooks feel free to book a strategy session and if you're wanting to learn how to use QuickBooks for your specific business check out confidence with QuickBooks have an amazing day talk to you guys soon bye [Music] [Music]