Loyalty Journal

Introduction 

iVendNext Loyalty is a comprehensive points and rewards application designed to enhance customer acquisition, engagement, and retention. It is part of the iVendNext Retail suite and offers a flexible system for managing loyalty points, which can be accrued through purchases, visits, or other activities. These points can be redeemed for various rewards, such as discounts or gift items, across different channels.   

A Loyalty Journal Entry in iVendNext involves recording transactions related to a customer loyalty program. This entry is created automatically whenever a transaction involving loyalty is performed. The application does not allow you to create a Loyalty Journal Entry manually. 

Loyalty Journal Entry Overview 

Here’s a general overview of how it works:

Earning Points 

When a customer makes a purchase, they earn loyalty points based on the amount spent. A journal entry is created to record the earned points, typically debiting a loyalty points expense account and crediting a loyalty points liability account.

Example Journal Entries

• Earning Points:

  • Debit: Loyalty Points Expense Account

  • Credit: Loyalty Points Liability Account

Redeeming Points 

When a customer redeems their loyalty points, another journal entry is made. This entry usually debits the loyalty points liability account and credits the revenue account, reflecting the reduction in liability and the recognition of revenue.

Example Journal Entries

• Redeeming Points:

  • Debit: Loyalty Points Liability Account

  • Credit: Revenue Account

Deferred Revenue: 

Loyalty points can also be treated as deferred revenue until they are redeemed. This means that the revenue is recognized only when the points are used by the customer. These entries help in tracking the financial impact of loyalty programs and ensure accurate accounting records.

Understanding Loyalty Journals in iVendNext 

The Loyalty Journal entry is created automatically whenever a transaction involving loyalty is performed. You can view this by navigating to: Home > Retail. Then under the Loyalty Program section click on the Loyalty Journal shortcut. This will open the Loyalty Journal List View screen. 

Click on the Customer ID displayed in the Customer column to open the Loyalty Journal Entry details for that customer

Loyalty Journal Entry Details Screen Explained 

Click on the Customer ID displayed in the Customer column. This will take you to the Loyalty Journal Entry details screen. The various fields on the Loyalty Journal Entry Details screen are explained below:

Loyalty Program

Displays the name of the Loyalty Program the customer is enrolled in.

Customer

Displays the Customer ID. 

Transaction Type

Displays the type of transaction invoice generated at the Point of Sale. This will tell you whether it was a POS Invoice or a Sales Invoice. 

Transaction ID

Displays the Transaction ID.

Loyalty Points

Displays the Loyalty Points earned or redeemed. 

Expiry Date

Displays the Loyalty Plan Expiry date. 

Posting Date

Displays the date when the Loyalty Transaction Journal Entry was posted.

Company

Displays the name of the Company.