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    sl1962's Avatar
    sl1962 Posts: 1, Reputation: 1
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    #1

    Mar 15, 2013, 02:15 PM
    Handling of Gift Cards on a Cash Basis
    A store is on a cash based accounting system. When gift cards are sold they post immediately to sales. If a gift card is redeemed that day this reduces the deposit and causes the deposit to no longer match the sales. How should I post the deposits from the bank statement so it will tie to the sales report? P&L shows gross sales matching deposits, but not sales report.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Mar 15, 2013, 05:09 PM
    Well you can't do that undoubtedly you are able to reconcile the over the counter receipts with the bank deposit over a few days. If a refund is made on the same day then there should not be a problem since you should bank the net total of the days receipts and post that as sales, if you do the banking in the middle of the day takings including receipts for that day, then you simply make the adjustment the following day
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