This article is for:
It's important that you keep track of your gift vouchers for your business accounts. Your accountant will want to see how many gift vouchers you have sold and how many have expired without being used.
- How do gift vouchers show in my balance sheet?
- What happens when a gift voucher expires?
- See details of expired gift vouchers in a client's record
- See details of expired gift vouchers in a client's record
- Handle gift voucher expiry with accounting integrations
How do gift vouchers show in my balance sheet?
A gift voucher is treated as a Liability until they are redeemed. If a gift voucher expires, then it's no longer a liability for your business. It will be treated as Revenue instead.
What happens when a gift voucher expires?
When a gift voucher expires, we will automatically create an invoice which debits the value of the voucher from your liabilities. In the same invoice, we will record that gift voucher value as revenue.
This means that the Total value of the invoice will be 0.00:
See details of expired gift vouchers in reports
While the net value of the invoice is 0.00 and won't be included in your Executive summary report, the new revenue will be shown in your Sales report.
You'll see this under the line Total Gift Vouchers expired for the period figure.
You'll also see it in the GV Expiry column in the Sales by staff member totals.
See details of expired gift vouchers in a client's record
To view the updated invoice. Go to the gift voucher in the client's record. Click the Activity tab. Click the invoice number to see the details.
Handle gift voucher expiry with accounting integrations
If you have Xero, QuickBooks or MYOB connected, then a copy of the expiration sale will be sent to your accounting system. This will ensure that the revenue and liability accounts in your accounting system are also updated.
If you choose to reactivate the voucher, then the expiry invoice in Timely will automatically be deleted. To ensure your accounts are up to date, you will need to manually delete the associated invoice in Xero/MYOB/QuickBooks directly.