Today I’m bringing you a short and sharp episode on gift card accounting, a process that many business owners either find confusing or aren’t exactly sure how to tackle.
Whether you only sell one gift card every quarter or you’re a retailer selling a large number of gift cards regularly, it’s helpful to understand best practice when it comes to recording your gift cards in your business.
I run through these four different scenarios and the best way to approach them:
While I aim to give you a general understanding of the different processes for gift card accounting, I also encourage you to seek guidance from your tax accountant or bookkeeper for any specific situations you may come across.
I hope today’s episode prompts some extra thinking about your systems and how to avoid making mistakes when accounting for gift cards.
Where to Find Bec:
LinkedIn: @straight-up-bookkeeping
