How do I deal with Gift Vouchers?

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Summary

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

Setup

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

  • Create a suitable "Stock Code" on the [Details] tab give it a description of 'Gift Voucher'.
  • Give it a "Retail Price" of '£1.00' with zero Cost.
This is so 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.
  • On the same tab, set the "V.A.T Rate:" to 'Zero'. 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 "Movements Tab", ensure that the "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).

More Information

Selling a Gift Voucher

  • When a Customer comes in and wants to buy, for example, £10 worth of Gift Vouchers, go into Point Of Sale and enter the Stock Code for the Gift Voucher, and in the Quantity, put the multiple in to bring the total to the amount of the Voucher required and complete the sale as usual.

Redeeming a Gift Voucher

  • When a Customer comes in to redeem a Gift Voucher, go into Point Of Sale and enter the Stock Code of the Gift Voucher, but this time, enter a Negative Quantity to the amount of the Vouchers being redeemed, then, enter the Items that the Customer is Purchasing and complete the sale as usual.

See also


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Keywords AND Misspellings
Gift Voucher, gift, voucher, discount, payment, alternative, parts, stock