Gift Vouchers should be set up as a Product Code.
Product Code: V20 Description: Gift Voucher $20
Product Code: V50 Description: Gift Voucher $50
The Cost and Sell price will be the same
Track Quantities must be turned off. The Sales and Purchases G/L options should be set to a GST Exempt Liability Account in the Balance Sheet called Voucher Control.
When a Voucher is sold it should be done so using the Product code.
When the Voucher is redeemed it should be entered onto the Invoice using a negative quantity of the Product code.
The Voucher Control account in the Balance Sheet will show the potential liability of outstanding vouchers, being the difference between the values of the vouchers sold less those redeemed.