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Home > Business & Careers > Accounting   »   When do record Gift Certificates

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Old Dec 5, 2004, 10:38 AM
RestaurantNovice
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When do record Gift Certificates

I have a question about when do I post Gift certificates. At the time of sale or at the time of redemption. Currently I post them at the time of sale. But I think my software program also posts it at the time of redemption. So I think I am posting it twice.

For Example

Receipts, Sales, Captured Tips, Taxes

Cash 2830.99
Change -3.90
Checks 24.59
Credit Cards 1611.89
Gift Certificates Redemeed 140.80

Total 4604.37

I have been using that number (4604.37) as my total revenue, but since I post my gift certificates at the time of sale, am I double counting gift certificates at the time of Sale and at redemption?

Shouldn't my Total revenue be
4604.37 less the gift cert redemmed

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