Voucher Accounting

Voucher Accounting

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I am a bookkeeper for a local restaurant and am seeking advise as to whether or not I am accounting correctly for vouchers. There are 2 types of vouchers:

1) Vouchers sold with a face value eg meal for £50.

When these are sold I do the following entry with the full voucher value:

Dr cash / Bank

Cr Other creditors - vouchers

On redemption I account for the VAT and do the following:

Cr Sales (net value)

Cr Output VAT

Dr Other Creditors - vouchers (gross amount)

2) Vouchers gifted eg for auction at charity events etc

As these ase are not "sold" for a monetary value I do not account for them until they are redeemed, at which point I do the following:

Cr Sales (full voucher amount)

Dr P&L expenses - promotions

I do not account for VAT on these as the business is not receiving any payment.

Please could anyone advise if the above treatments are correct.

Thanks !

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By gerawson
23rd Feb 2011 16:38

re vouchers

Point 1 is fine, point 2 I think i would change the debit to Charity donations, if to a charity, sales promotions if not

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