How do I deal with Gift Vouchers?

Summary

Some of our clients sell Gift Vouchers. The following article outlines how this is achieved in Platinum for customers in the United Kingdom.

Go to " Stock Control Add or Edit Stock Item".

Click [Add] and enter a suitable "Stock Code" e.g. GIFT.
In the "Description" enter Gift Voucher.
Enter a "Standard Selling" price of '£1.00'. Leave the "Std Cost Price" set to zero.

If you sell a £10 voucher you can sell x10 £1 vouchers so you know the value of vouchers sold without having to divide the figure at all.

Set the "V.A.T Rate:" to '" - Zero Rate'. Current VAT legislation (November 2008) in the UK states that you do not have to account for VAT on vouchers that you both issue and redeem.
Create a new Cost Centre that links into a new centre on the Balance Sheet.
- If you are unsure what codes to use, consult your Accounts Department.
On the [Invoicing] tab, ensure that "Update Quantity" is set to 'Yes'.
Click [Done] and [Accept].
You now need to do a Stock Movement with a mode of <A> to put a quantity of Gift Vouchers in stock. (This does not affect Stock Valuation as the items are at Zero Cost).

When a Customer comes in and wants to buy a Gift Voucher, go into Point Of Sale.
- Enter the Stock Code for the Gift Voucher.
- Enter the Quantity of voucher required e.g.10 to sell a £10 voucher.
- Complete the sale as usual showing how they have paid for the voucher.

When a Customer comes in to redeem a Gift Voucher, go into Point Of Sale.
- Enter the Stock Code of the Gift Voucher.
- Enter a Negative Quantity to the amount of the Vouchers being redeemed e.g. to redeem a £10 voucher you would enter -10.
- Enter the items the Customer is purchasing as usual.
- Complete the sale as usual. The system will reduce the balance owing by the amount of the Gift Vouchers entered.