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Your Gift Cards report has various key words used throughout. Understanding these and what transactions and values they relate to will allow for smooth reconciliation
Revenue - This is a value brought in through item specific sales over a set period of time for goods and services. Your business offers these usually in terms of products or experiences with set values that can either be purchased immediately or pre-purchased in the future. As these goods and services have associated VAT amounts Revenue can then be calculated against the sales.
Non Revenue - This is a value associated to sales that have yet to be redeemed against the goods and services you offer as a business. This is considered Liability. An example of Non Revenue items is a Gift Card that is loaded for a variable value and not associated to a specific product. This is considered non revenue until either the entire or part of the balance is redeemed against a product, at which point the value redeemed is considered revenue.
Experience Multi Use Vouchers - These are vouchers that are purchased by customers for a variable value that can be redeemed multiple times as they are not assigned to a specific product. Usually referred to as a Monetary Voucher, as customer can purchase one either on site or online and use this across multiple transactions. The multi use vouchers will be considered Non Revenue when purchased.
Experience Single Use Vouchers - A single use voucher is designed to be used only once. These will be voucher that you would list for a set price and against a specific experience. An example here would be an Afternoon Tea or a Dining Experience for 2. These vouchers have a set value associated and will then only be redeemed against the specific Product. Single Use Vouchers are considered Revenue when sold.
Credited - You will see credited value as one of the figures on your Gift Card Reporting. This figure considers amounts that have been credited to customer accounts over the set date range you have entered. This figure does not include single use vouchers as these are essentially a pre-purchase of a good or service and therefore is already considered as part of revenue.
Debited - This is the value associated with all amounts removed from accounts over the date range of the report. This value will consider every amount removed from a voucher in this period.
Expired - The Expired value is generated by the total amount of all vouchers with an expiry date during the Reporting period. So if you are running a report from 1st March to 30th April and you have 3 voucher with a value associated to them that expired on 31st March then the total value of these will appear in the Expired Field.
Current Liability - This is the current amount outstanding of your Multi Use Vouchers against the business. This Figure is calculated based upon your Credited, Debited and Expired values since you began with LoyLap. So the calculation for Current Liability is Credited minus Debited minus Expired. It is worth noting that if you imported vouchers to LoyLap that had an expiry date associated before your first transaction date, you will need to run the report from this date as opposed to when the vouchers were imported for the most accurate figure.