Working with the example laid out in the article Sell and Redeem Gift Cards in Jackrabbit, this shows how gift card transactions flow through to QuickBooks and affect the financial statements.
In QuickBooks (after import of IIF)
Once the IIF has been imported into QuickBooks, you must move the amount of the gift cards that were redeemed to the gift card liability account to lower the amount outstanding on gift cards.
- Option #1 - Edit the journal entry line for the gift cards that were redeemed and change the account from Undeposited Funds to Gift Cards Sold.
- Option #2 - Leave the imported journal entry as is and do another journal entry to reallocate the amount of gift cards redeemed from Undeposited Funds to the Gift Cards Sold account.
Financial Reports in QuickBooks
