Do you have a sole proprietorship and sell gift cards? If so, at the time of the sale you must first look at the VAT rate on the products and\/or services you offer.<\/p>\n\n\n\n
Then you may immediately enter that gift card as a sale\/income on which you charge the applicable VAT rate.<\/p>\n\n\n\n
Later, when someone comes to redeem this voucher, you don’t have to record anything for your accounting purposes. Its sale was already included in your accounts.<\/p>\n\n\n\n
For example, you have a bookstore that sells books at 6% VAT on the one hand, but also CDs at 21% VAT.<\/p>\n\n\n\n
When someone comes to buy a gift card, it is impossible to know whether this voucher will later be exchanged for something at 6% or 21% VAT.<\/p>\n\n\n\n
In this case, when the voucher is issued, you don’t have to process anything for your sole proprietorship’s accounts yet. Only at the time the voucher is redeemed and you know with certainty whether the 6% or 21% VAT rate applies (or a combination) may you record the voucher as a sale. On that day, you either create a sales invoice for the gift card or register it through Dexxter’s daily receipts.<\/p>\n\n\n