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danp3
Jan 17, 2021 5:48 PM UTC
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How should I record a large prepaid gift card received as vendor rebate?

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katherinejoyceO
katherinejoyceOAnswer
Jan 17, 2021 8:11 PM UTC

Hello there, @danp3.

 

I'm here to help you record the large prepared gift card you received from your vendor. 

 

You may consider recording it as a Bank Deposit. But I'd recommend consulting with your accountant for proper guidance.

 

Here's how to record a bank deposit:

  1. Go to the Plus icon, then select Bank Deposit.
  2. Under the Account drop-down, choose the bank account where you want to deposit the amount.
  3. Under RECEIVED FROM column, select the name of the vendor.
  4. Under the ACCOUNT column, choose the account where it should be posted. I encourage asking your accountant about the accounts.
  5. Enter the amount, then click Save and close.

 

For more insights about how to use a gift card for your purchases in the future, read through this article: Record gift certificates purchased from vendors.

 

Feel free to message again if you have additional questions. I'm always around here to help. 

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6 replies

katherinejoyceO
katherinejoyceOAnswer
Jan 17, 2021 8:11 PM UTC

Hello there, @danp3.

 

I'm here to help you record the large prepared gift card you received from your vendor. 

 

You may consider recording it as a Bank Deposit. But I'd recommend consulting with your accountant for proper guidance.

 

Here's how to record a bank deposit:

  1. Go to the Plus icon, then select Bank Deposit.
  2. Under the Account drop-down, choose the bank account where you want to deposit the amount.
  3. Under RECEIVED FROM column, select the name of the vendor.
  4. Under the ACCOUNT column, choose the account where it should be posted. I encourage asking your accountant about the accounts.
  5. Enter the amount, then click Save and close.

 

For more insights about how to use a gift card for your purchases in the future, read through this article: Record gift certificates purchased from vendors.

 

Feel free to message again if you have additional questions. I'm always around here to help. 

danp3Author
Jan 19, 2021 11:15 PM UTC

Thanks - that's helpful.  I created a new bank account for this and will charge expenses there until depleted.

ldgnfm
Apr 12, 2021 12:04 AM UTC

How would you do this in Quickbooks Desktop?

MichelleBh
MichelleBh
Apr 12, 2021 1:07 AM UTC

Thanks for joining on this thread, @ldgnfm.

 

I'm happy to present the steps on how to record gift cards in QuickBooks Desktop (QBDT). 

 

Using a Bank deposit is a good way to record the large prepared gift card you received from your vendor in QBDT. While doing this, I'd recommend consulting an accountant for guidance so your account stays accurate.

 

Once confirmed, you can now follow the steps below to accomplish the goal. 

 

  1. Go to the Banking tab, then choose Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, pick the payments you want to join, then tap OK or Cancel.
  3. Choose the account you want to put the deposit in the Deposit to drop-down. 
  4. Select Received from in the box.
  5. Enter the accurate amount and date. 
  6. Click Save & Close. 

 

 

After that, you can always review your deposit by going to the Reports menu, then choose the Banking button, and click Deposit Detail. Then customize it to show the specific details. 

 

 

For more details bout the process, check out this article: Record and make bank deposits in QuickBooks Desktop.

 

I'd also encourage you to check these links about handling your Chart of accounts and other related topics. 

 

 

Feel free to post a reply below if you have further questions about gift cards. I'm always around to help. Stay safe and take care always.

Lizziebeth10
Feb 21, 2022 11:09 PM UTC

So how do you recommend doing this with a smaller gift card? It seems a bit foolish to "waste" one of our precious QBO accounts just for a $300 rebate gift card that was spent entirely with one vendor (card not received from same vendor where we spent it).

 

mv32
Feb 22, 2022 12:00 AM UTC

Hello, @Lizziebeth10.

 

Let me share some clarifications about recording and tracking gift cards with a smaller amount. You can follow the steps shared by my peer, katherinejoyceO, by recording a bank deposit since the only thing is you didn't receive the card from the same vendor where you spent it.

 

Furthermore, I also encourage reaching your accountant if it's alright to allocate the gift card with an existing account that they may suggest so you won't have to create a new account to track the rebate gift card amount. You can also find a ProAdvisor near you if you don't have one.

 

I'm adding this article to learn about using the small gift card for your purchases moving forward: Record gift certificates purchased from vendors.

 

Feel free to comment here if you have additional questions about tracking and recording transactions. I'll be there to assist. Have a great day ahead.

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