Gift cards are a popular way for businesses to enhance customer loyalty and generate additional revenue. However, from an accounting perspective, it is essential to record them correctly. Below, we explain how to properly account for gift cards in Accountable, depending on the type of gift card.
When a gift card is issued for products or services subject to a single VAT rate, the sale can be recorded immediately. The appropriate VAT rate is applied since the applicable rate is already known at the time of sale.
Accounting treatment:
The sale of the gift card is immediately recorded as a regular sale with the applicable VAT.
When the customer redeems the gift card, no further accounting action is required, as the revenue has already been recorded.
Example: A gift card for a massage treatment with 21% VAT is sold. In this case, the sale is recorded immediately with 21% VAT, and no additional entry is made when the gift card is redeemed.
Example: A store sells only products with a VAT rate of 21%. In this case, the sale is recorded directly with 21% VAT, and no additional entry is made when the voucher is redeemed.Boek direct de verkoop van de cadeaubon met het juiste BTW-tarief.
Record the sale of the gift card immediately with the correct VAT rate.
When a gift card can be redeemed for products or services with different VAT rates, the situation is different. Since the applicable VAT rate is only known at the time of redemption, the sale of the gift card itself is not recorded immediately. Instead, the transaction is recorded only when the customer uses the gift card.
Accounting treatment:
No entry is made when the gift card is sold.
Revenue and VAT are only recorded when the gift card is redeemed for specific products or services.
Example: A gift card can be used for both books (6% VAT) and music albums (21% VAT). Since it is not known in advance which product the customer will choose, the sale of the gift card is not recorded. Only when the customer redeems the gift card (e.g., for a book) is the sale recorded with 6% VAT.
Record the sale of the products or services upon redemption of the gift card, not at the time of the gift card sale.
Author - Valesca Wilms
As content marketing lead at Accountable Belgium, Valesca writes about freelancing, self-employment, and taxes based on her own experience as a freelancer.
Who is Valesca ?Thank you for your feedback!
Useful
As a self-employed individual with a sole proprietorship, your income is taxed under the personal in...
Read moreStarting from 2026, all self-employed individuals will need to send their invoices electronically in...
Read moreThe VAT reverse charge is a complicated word for a simple concept. It helps you purchase and sell sm...
Read moreThey always answer right away to any question I have, they provide clear answers, and they are very patient even when I struggle to understand. They try to explain in different ways. They are very helpful, responsive and friendly.
Chiara Marradi
01/05/2026
Everything was great! All my questions were answered quickly and in a friendly manner.
Wenzeslawa Wegener
04/05/2026
In the world where everyone seems to be out to get small entrepreneurs and overwhelm them with new rules, more taxes and reporting obligations, Accountable often feels like the one steady partner that actually wants you to succeed, providing quick, clear and personalised support. Thank you!
Janina Arsenjeva
10/04/2026
This is an amazing application with great support on issues. In short as in day I am addicted to it (in a positive way). I myself is from IT project management and the way they have captured the user requirement, it’s phenomenal.
Sumit Tewary
01/12/2024
UI is great. Feature packed and very easy to use. The team at Accountable were VERY quick to respond and their team of technicians soon had a fix in place. Very happy with the level of service so far. Thumbs up from me!
Dean Osborne
14/06/2023
This program is a lifesaver, and it is always improving. Plus, it has an AI chat feature that is actually useful.
Jeffrey Humble
14/01/2026
The coaching session on tax management was excellent, good material, excellent explanations and very insightful. Combined with the AI I never feel alone with Accountable.
Sergio Barbarino
23/04/2026
The availability of your team to help and guide people to understand their finances better is what really makes Accountable valuable. While the AI is able to give answers to most basic questions, specific scenarios need counsel from a human which your team performs beautifully.
Sofiya Bogdan Neves
18/04/2026
Fast and careful answers from Alina. Top service. Thank you.
Anonymous
15/04/2023
They always answer for questions wherever is via direct e-mail or through app. If they can’t answer fully they will forward you to the right place. Documents were always prepared well and ready to send further to government. Everything is intuitive in the app and easy to sort out even for someone completely green in this field.
Anonymous
22/03/2026
