Create the following journal entry to settle the encashed Gift Card amount:
Account | Debit | Credit |
Gift Card Account | XXX |
|
Counter Cash Account |
| XXX |
Entry Explanation
Debit – Gift Card Account: Reduces the outstanding liability of the issued Gift Card.
Credit – Counter Cash Account: Records the cash received/encashed at the counter.
After posting the journal voucher, Open the Gift Card Menu and Disable the Gift Card to ensure the card cannot be reused or redeemed again.
