Skip to main content
M
mdc1996
September 30, 2022
Question

Store Gift Card

  • September 30, 2022
  • 1 reply
  • 0 views

Hi,

I am looking for some advice. We have an account with Home Depot. Every quarter we are given a free gift card from Home Depot which accounts for 4% on every dollar we spent during that quarter. My first question is how I would record this gift in Quickbooks. (Would it be a Credit Card Credit?) Also, I was wondering how this would affect HST. As we will purchase tools and such with this gift card and pay HST on those items. (Do I need to account for the HST when we receive the gift card?) I am based in Ontario Canada.

Thanks for your help!

1 reply

T
Trish_T
September 30, 2022

Hi mdc1996,

 

Thanks for reaching out here.  Welcome!  It's great to hear that you're provided gift cards from a valued supplier.  Recording and tracking the gift is essential to keep your books aligned.  QuickBooks Online has the features you need to accomplish this task seamlessly.  I'd be glad to assist!

 

When a gift card is received, you'll want to create an account for recording them.  This way you can track the balance and redeem them.  Creating an account records the initial value as a balance and you can follow it by reviewing the Balance Sheet or check the balance in the Chart of Accounts.  Here's a helpful guide for your reference, to assist with recording gift certificates in QuickBooks Online.

 

With regards to recording the sales tax, I suggest reaching out to your accountant for their expertise and best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

Please feel free to reach back out if you have other questions.  We'd love to help!

 

Terms & ConditionsAccessibility statement