GIFT CERTIFICATE

Question

Hello, 
 currently using sage 50 pro 
 can someone please help me understand how i can set up payment method for gift certificate 
 Sale of Gift Certificate my entries would be for example 
 TIME OF SALE 
 Debit - Asset account - bank - $100 
 Credit - Liability account - Gift Certificate issued - $100 
 TIME OF REDEMPTION 
 Debit - Liability account - Gift Certificate issued - $100 
 Credit - Revenue account - Gift Certificate Redeemed - $100 
 Donation/Promotion my entries would be for example 
 Journal Entry 
 Debit - Expense account - Donation/promotion - $100 
 Credit - Liability account - Gift Certificate Issued - $100 
 TIME OF REDEMPTION 
 Debit - Liability account - Gift Certificate issued - $100 
 Credit - Revenue account - Gift Certificate Redeemed - $100 
 can someone help me tie all this together and help me set this up in sage step by step. 
 
 thank you

Roger L · Accepted Answer

to setup Create a service item called 'gift certificate', price 100.00 no revenue/expense account to sell create an invoice, sell a GC, you'll need to specify 2470 as the account payment method is per the customer to redeem create a 0.00 invoice, line 1 is what the customer bought line 2 is 'gift certificate', -100.00, account 2470 to donate create a 0.00 invoice, line 1 sell a GC, you'll need to specify 2470 as the account line 2 negative amount, specify the donation account to writeoff an expired GC create a 0.00 invoice, line 1 sell a GC, you'll need to specify 2470 as the account line 2 negative amount, specify the write off account since Sage Pro doesn't track serial numbers you'll need to track the serial # of issued / redeemed GCs offline

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