Hi,
Can anybody explain the correct way to treat the sale of Gift Vouchers by a shop?
On Cash Received basis for VAT so obviously the cash comes in when voucher is sold. However, there is more than one vat rate applicable in the shop and correct rate cannot be determined until voucher is redeemed but no cash will be received at this point. What is the best way to record sales and redemption of vouchers?
I am using Sage 50 Accounts package - is there any easy way to set up facility to record these correctly?
Thanks,
Tweety
Can anybody explain the correct way to treat the sale of Gift Vouchers by a shop?
On Cash Received basis for VAT so obviously the cash comes in when voucher is sold. However, there is more than one vat rate applicable in the shop and correct rate cannot be determined until voucher is redeemed but no cash will be received at this point. What is the best way to record sales and redemption of vouchers?
I am using Sage 50 Accounts package - is there any easy way to set up facility to record these correctly?
Thanks,
Tweety