Based on recent feedback, we have improved how gift card values are represented in the Gift Card Report. These changes will take effect from April 2024.
New Calculation for Closing Redeemable Value
A2X will now calculate monthly values that will allow users to analyze the change between the monthly opening and closing gift card balance.
Formula:
Closing Redeemable Value = Opening Redeemable Value + Monthly Sold - Monthly Redeemed - Monthly Expired - Monthly Disabled
To ensure clarity, the following table explains each column in the Gift Card Report:
Column Header Name | Explanation |
Total Redeemable Opening Value | The total value that can be redeemed, from the prior month end date by Shopify customers. This is generally the value that is shown as a liability on the previous month's balance sheet. |
Issued Value | The amount of gift cards issued during the month for no consideration. This amount increases the gift card liability value. |
Sold Value | The amount of gift cards sold during the month for consideration. This amount increases the gift card liability value. |
Disabled Value | The amount of gift cards disabled or expired during the month. This amount decreases the gift card liability value. |
Redeemed Value | The amount of the gift cards redeemed during the month. This amount decreases the gift card liability value. |
Refunded Value | The amount of gift cards refunded to customers during the month. This amount decreases the gift card liability value. |
Total Redeemable Closing Value | The total value that can be redeemed, as at this month end date by Shopify customers. This is generally the value that is shown as a liability for the current month on the balance sheet. |
Impact on Historical Data
For users who may have historical Gift Card Reports stored in their A2X accounts, please note that these changes will not affect those reports. From April you will see a new Gift Card Report begin to populate which will take into effect the new updates. This will be displayed above your historic gift card report table.
