The Point of sale system allows you to sell giftcards to your customers, and it allows your customer to use these giftcards to purchase goods and services from you.
Giftcard Item and Product Line Setup
The POS system uses a specific nonstock item and a dedicated product line for gift card processing.
Product Line Setup
When you sell gift cards, you are not selling a product or service. You are essentially recognizing a liability (the amount of money that you received from the customer, for a gift card they will redeem at a future date). The sale of a gift card needs to be recorded in specific accounts in the general ledger, so that the amount owed to the customer is shown as a liability.
Gift Card Product Line Autopost Accounts
Cost of Sales 610
Rebates Receivable 320
Gift Card Item Setup
The StreamV applications use a specific item number for gift card processing. The item GIFTCARD should be created in the Product Catalog file as a nonstock and nontaxable item. The Catalog record should also be assigned to the product line GIFTCARD, which is a dedicated product line, used only for PO.
Giftcard Processing Overview
Selling a Giftcard
Applying a GIFTCARD payment in the POS Program
Applying a GIFTCARD payment using Cash Application
Adjusting a GiftCard Balance