I regularly use gift cards for different shops that I buy with a discount.
For example I can buy gift cards with a 4% discount for shop A and a 7% discount for shop B.
I thought that I could create an account for each gift card related to a shop and I would create a transfer transaction of the gift card value and then a credit transaction of the discount amount on the initial account.
Is there a better way in MMEX to manage this?
Managing gift cards discounts in MMEX
Moderator: Renato
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Re: Managing gift cards discounts in MMEX
The decision would depend on what do you exactly expect to track on those transactions, and level of detail.
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Re: Managing gift cards discounts in MMEX
This is what works for me.
I have a category called 'Gift Card' with subcategories of "Gift Card:Purchase" and "Gift Card:Redeem". So when I buy the gift card the transactions gets the "Gift Card:Purchase" category.
When I buy something using the gift card I create a split transaction where the first split item is the actual cost of the goods assigned to the category I want e.g. Food $50, then the second split item is then category "Gift Card: Redeem" for -$50
Because the total amount is $0 I usually enter it in my 'cash' account
That way I can do a report on the 'food' category and know how much I've spent on food and I can also do a report on the 'gift card' category (including subcategories) and know the 'profit' I've made by the gift card discount.
I have a category called 'Gift Card' with subcategories of "Gift Card:Purchase" and "Gift Card:Redeem". So when I buy the gift card the transactions gets the "Gift Card:Purchase" category.
When I buy something using the gift card I create a split transaction where the first split item is the actual cost of the goods assigned to the category I want e.g. Food $50, then the second split item is then category "Gift Card: Redeem" for -$50
Because the total amount is $0 I usually enter it in my 'cash' account
That way I can do a report on the 'food' category and know how much I've spent on food and I can also do a report on the 'gift card' category (including subcategories) and know the 'profit' I've made by the gift card discount.
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Re: Managing gift cards discounts in MMEX
@njwmmex That is a very common-sense approach. Thanks for sharing...
... but there is a discount on the gift card purchase that would not be tracked, then.
I mean: that the sum of the "redeem" would not be the payment for the gift card, as there is a discount, right?
... but there is a discount on the gift card purchase that would not be tracked, then.
I mean: that the sum of the "redeem" would not be the payment for the gift card, as there is a discount, right?
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Re: Managing gift cards discounts in MMEX
So, that "accumulated discounts on cards purchases" will be the assignment on withdrawal or deposit on categories "Gift Card:Purchase" and "Gift Card:Redeem", I guess...
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Re: Managing gift cards discounts in MMEX
This is the report that I run