Keeping track of Gift Certificates

[acswwediva3344]

Okay, i've been struggling with this for a few months now. How does everone keep track of their gift certificates. Meaning, do you deposit the money as soon as you sell the gift certificate? Do you keep the money back till the redem it? If you do keep the money back how do you keep track of it for sales tax purposese? Right now..i keep track of the income in one spreadsheet for sales tax reasons, then i keep the cash in an envelope and deposit it in my account when the GC is used. I just feel there should be a better/easier/different way. How do you keep track?

 

[cheetos_2000]

Keeping track of Gift Certificates

I deposit the money into a special savings account, then transfer it to checking when the gift certificate is redeemed. It is all tracked on a spreadsheet, including the redemption.

 

[Ya-Kno-Im-Riight...]

Keeping track of Gift Certificates

I deposit it in my massage account and just keep it in there until it's redeemed. I have a separate spreadsheet that has GC's and unused prepaid packages. I just make sure to keep the total amount in my massage account until I give the actual massage. I take a owners draw on my massage account every other week and that's when I include the redeemed GC or session from a package.

Right now my income is the Savings Account income, so I figure it can either sit in my massage account or the savings account.