Purchase discounted gift cards and then spend

How-to
1

Hi,

I have the ability to purchase gift cards for some retailers at a discount. So for example, I can buy a gift card from Gift Cards Ltd to spend at Acme Ltd. A gift card with a face value of £100 costs £90. What is the best way to enter this into QuickFile? So far I have:

  1. Create a new purchase for Gift Cards Ltd for the value of £90
  2. Pay this invoice from the bank at a cost of £90
  3. Create a credit note for Acme Ltd for the value of £100 and allocate to supplier.
  4. Pay subsequent purchases for Acme Ltd from supplier balance.

This does work but I am wondering if it will leave an inaccurate trail of activity against nominal codes.

Thanks

Kevin

2

Hello @Kevin_Mellor

This query would be best suited for your accountant as the support team are not registered accountants.

I will leave this thread open for now as there are some accountants active on the forum who may wish to comment.

3

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