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Forum posts for Advice of the Day for July 21st, 2009!

Posted by fanoom on Jul 21, 2009
Isn't it illegal now to say a purchased gift certificate expires? I seem to recall reading something about this...

Posted by Nerhael on Jul 21, 2009
You can no longer expire gift certificates in Ontario at the least.

Also random states in the US. With no rhyme or reason.. Also the ones that do let you expire them...have varying rules on how long the expiry date can be..... sometimes this can vary by county....

Fuck I hate all the rules sometimes.

Posted by phduffy on Jul 21, 2009

The free lottery tickets that came in the giftpacks they put out at Christmas can definitely expire.

Posted by Nerhael on Jul 21, 2009
Yeah, those might qualify more as coupons perhaps.

But like, if you buy a chapters gift card, and put 50 bucks on it, they aren't allowed to expire those anymore. Which is a financial nightmare of sorts, as you want to be able to expire them to finally claim that revenue, instead of leaving it indefinitely as a liability.

Posted by phduffy on Jul 21, 2009

Surely there's a way to write them off, just as you'd write off uncollected debt.

Posted by Nerhael on Jul 21, 2009
Yeah, but I guess the difference is that if you write off uncollected debt, that's you saying you're not going after it anymore, and it's done.

If we keep to our habit of collecting moving the deferred revenue into revenue at the end of a year, there's always this chance of X% of the cards to suddenly get cashed in unexpectededly. Small, but it's there I guess.