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Jim Merritt from Quick Trainer addresses a client’s question about handling gift certificates. Despite suffering from hiccups due to illness, he proceeds with the tutorial. He reveals that there is no mention of gifts or gift certificates on the balance sheet or the profit and loss statement. To manage gift certificates properly, he advises viewers to create a new general ledger account specifically for this purpose, suggesting using account number 2500 and naming it "gift certificates." This step will help in organizing and tracking gift certificate transactions effectively.