Adjust account in the Golf Gift Certificate in a few clicks

Aug 6th, 2022
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How to adjust account in the Golf Gift Certificate

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were now going to take a look at how we would add a lesson to the schedule or process a class booking using a gift card code that is already assigned to a customers account this scenario may occur where the customer has added their gift card code to that locker account by logging in or alternatively they have already processed a lesson or class booking in the system and the remaining gift card amount that is assigned to the gift card code has been added to their pupil Locker therefore firstly we need to select the lesson time or the class that we want to process so in this scenario lets say the pupil wants to make a lesson booking with Joe Bloggs on Friday the 30th at 12 oclock we can go ahead and hit book now and proceed to the checkout area we need to select the student the student will already have a locker account as theyve indicated that they have a gift card code assigned to their locker by finding the student and navigating down to the payment option were going to choose p

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To redeem your GolfNow gift card: Visit golfnow.com or the golfnow app. Create account or log into existing account. Click Account Settings and Payment Option In Gift Card Section, add gift card number and PIN, save as Payment Type. Select Gift Card as Payment Method during checkout and complete your purchase.
Gift card purchases are generally classified as a deferred revenue liability. The cash received from the sale is paid upfront but does not qualify for revenue recognition as no goods or services have been exchanged.
In todays retail world, many companies sell gift cards. Because a product or service must be provided to the holder of a gift card, the company has an obligation and a liability is reported. The liability is later reclassified as revenue when the card is redeemed because the earning process is substantially complete.
The initial issuing of a gift card is a liability You Credit (CR) the amount to a liability account for gift cards. For example, the account can be called the Gift Card Liability account, Gift Cards Outstanding account or even Shopify Gift Card account, as long as the account is a current liability account.
DOES THE GO PLAY GOLF GIFT CARD EXPIRE? No, these gifts cards never expire.
Accounting for the Sale of Gift Certificates The sale of a gift certificate should be recorded with a debit to Cash and a credit to a liability account such as Gift Certificates Outstanding. Note that revenue is not recorded at this point.
This liability and the fact that nothing has been delivered yet in exchange for the gift card (money for plastic/digital key) means that its classified as not yet earned income and is a liability on the balance sheet. Once applied to the goods or service the liability is extinguished.
While you should always confirm with your accountant, generally speaking, Gift Card and Gift Certificate programs should be handled as an Other Current Liability on your Balance Sheet.

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