Is there any way to create a non-inventory item with the option to select the account during invoice creation?
This request has come about because we need to change the way we are handling our gift cards. We used to issue a receipt when a payment was made for a gift card, and allocate it to a special account that is unique for each card. When the card was redeemed we would create a sales invoice and use a journal entry to offset the accounts receivable against the specific gift card account. This approach seemed to work well, but we need to change it for two reasons:
- I have learned that our VAT code requires that we declare and pay VAT on the money received for the purchase of the gift card. We do not need to declare it for income tax purposes until the card is redeemed for goods or services.
- We have a corporate client purchasing a gift card, and they require a fiscalised invoice in their name for the gift card for their accounting purposes.
My current idea is to create a non-inventory item for “Gift card”. However, this doesn’t give me the option to assign it to the specific special account during invoice creation. I think I would have to create a generic holding account and then use a journal entry to assign the amount to the specific special account for that card.
Is my understanding correct? Does my idea sound like the best approach? Would the ability to select the account during creation of the invoice seem like a change worth adding to the ideas category?