Record Holiday Sales Season? (accounting, union, credit card, debt)
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I heard on the news that generally across the board, that holiday sales were dynamite this year.
I believe it! I was looking for a new laptop. It was a nightmare!!! I was shopping online at Best Buy, WalMart, and occasionally another site. As soon as I'd check on the specs, the brand, and make a purchase...the laptop would be sold out! This happened time & time again. They were flying off the shelves!
I FINALLY got what I was looking for TODAY, after looking & researching almost every day since Black Friday! Phew! I'm exhausted. (I'm glad I didn't settle, out of desperation. I finally lucked out & found what I needed, on sale.) So far, I haven't rec'd an indication that they sold out before my order went through. My fingers are crossed.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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It seems like we had 2-3 boxes from Amazon every day for the last few weeks. It was very easy for us, with everyone we gifted providing an Amazon wish list, and nothing was out of stock there. I did go to a local big-box pharmacy on Christmas Eve afternoon for a few stocking stuffers, but there were only 2 people in front of me in line, with 3 cashiers open.
one thing though is christmas tends to show skewed numbers ....
a lot of it today are gift cards that will be used off in the future reducing future sales as well as overstating things until they are used .
Not under GAAP accounting.
Gifts cards are a deferred liability. The seller has the cash but has not rendered the goods or services. The revenue isn’t recognized until the gift card is used and the liability is eliminated.
Nothing is overstated and no future sales are reduced. The sales won’t be recognized until the cards are actually used.
Gifts cards are a deferred liability. The seller has the cash but has not rendered the goods or services. The revenue isn’t recognized until the gift card is used and the liability is eliminated.
Nothing is overstated and no future sales are reduced. The sales won’t be recognized until the cards are actually used.
found the answer ..
What happens if gift cards are never redeemed?
Basic Gift Card Revenue Recognition
Companies cannot recognize revenue upon the initial sale of a gift card because of a key revenue recognition principle that states that revenue is recognized when or as an entity satisfies a performance obligation by transferring a promised good or service to a customer.
What does that mean? When your company sells a gift card, cash has been received, but goods or services have yet to be rendered. You should Infinitely Defer this gift revenue in your Deferred Revenue account.
I heard on the news that generally across the board, that holiday sales were dynamite this year.
I believe it! I was looking for a new laptop. It was a nightmare!!! I was shopping online at Best Buy, WalMart, and occasionally another site. As soon as I'd check on the specs, the brand, and make a purchase...the laptop would be sold out! This happened time & time again. They were flying off the shelves!
I FINALLY got what I was looking for TODAY, after looking & researching almost every day since Black Friday! Phew! I'm exhausted. (I'm glad I didn't settle, out of desperation. I finally lucked out & found what I needed, on sale.) So far, I haven't rec'd an indication that they sold out before my order went through. My fingers are crossed.
Record Holiday Shopping Sales, buy, buy, buy and shop until you drop. Where does this lead? Of course, it leads deeper and deeper in to debt. For what? Economic growth? Maybe. But where does this lead us as a world culture? Does it lead us higher, in terms of QUALITY?
When is too much too much? Is it wise to define ourselves by our possessions? Is that what it means to be human?
We are not living well. We have much; but we are not living well. Our values are skewered. Materialism is the CHAOS of the Mass Culture. Money and food helps to feed our bodies. What feeds our spirits?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,662 posts, read 81,403,499 times
Reputation: 57922
Quote:
Originally Posted by C2BP
Record Holiday Shopping Sales, buy, buy, buy and shop until you drop. Where does this lead? Of course, it leads deeper and deeper in to debt. For what? Economic growth? Maybe. But where does this lead us as a world culture? Does it lead us higher, in terms of QUALITY?
When is too much too much? Is it wise to define ourselves by our possessions? Is that what it means to be human?
We are not living well. We have much; but we are not living well. Our values are skewered. Materialism is the CHAOS of the Mass Culture. Money and food helps to feed our bodies. What feeds our spirits?
Good Luck!
Not necessarily. We have not used any credit cards for Xmas shopping this year, it's all been debit, mostly Amazon from our checking accounts. Unless you are buying a car for your spouse or something there is no need to spend that much on gifts that you go into debt. Years ago our credit union had a "Christmas Club" where you put some money in every payday and got some interest on it, then spent it at gift time.
Record Holiday Shopping Sales, buy, buy, buy and shop until you drop. Where does this lead? Of course, it leads deeper and deeper in to debt. For what? Economic growth? Maybe. But where does this lead us as a world culture? Does it lead us higher, in terms of QUALITY?
When is too much too much? Is it wise to define ourselves by our possessions? Is that what it means to be human?
We are not living well. We have much; but we are not living well. Our values are skewered. Materialism is the CHAOS of the Mass Culture. Money and food helps to feed our bodies. What feeds our spirits?
Good Luck!
That’s some solid spin there. Positive economic news is bad and bad economic news is bad. We’re all miserable and defined by our processions!! We don’t live well.
So many assumptions on your part and all aimed at how either you feel or to bend to your perma bear status.
What happens if gift cards are never redeemed?
Basic Gift Card Revenue Recognition
Companies cannot recognize revenue upon the initial sale of a gift card because of a key revenue recognition principle that states that revenue is recognized when or as an entity satisfies a performance obligation by transferring a promised good or service to a customer.
What does that mean? When your company sells a gift card, cash has been received, but goods or services have yet to be rendered. You should Infinitely Defer this gift revenue in your Deferred Revenue account.
I’m assuming you’re agreeing, but just to be clear, a deferred revenue account is a balance sheet liability account. It’s not an income statement item. No revenue is recognized until the liability is cleared by providing the good or service, and then it runs through the P&L.
I'm curious how much Amazon's new payment options helped juice sales. They've been pushing payments hard this year for purchases. The average American went into debt to the tune of a little over a grand last Christmas, I'll be curious what it is this year.
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