How should gift vouchers be recorded correctly?
Gift vouchers are generally treated as a prepayment: you receive payment before delivering a product or service. Revenue and VAT are recorded only when the voucher is used.
Recording gift vouchers correctly: the right approach
28/05/2025
Do you sell gift vouchers in your business? Their accounting treatment must be correct from the start. The complexity lies in the fact that tax authorities apply different rules depending on the type of voucher. Here are the key principles.
Two types of gift vouchers
Tax legislation distinguishes between two categories, each with its own VAT treatment:
1. Single-purpose voucher
A gift voucher is considered single-purpose when the applicable VAT rate is already known at the time of issue. This is typically the case for businesses that apply a single VAT rate to their products or services.
Example:
A hairdresser sells a gift voucher. Hairdressing services are subject to 21% VAT. The applicable rate is therefore known at the time of issuance.
Accounting treatment:
You record the sale immediately when the voucher is issued, as a standard sale. VAT is charged and included in your VAT return—even if the voucher has not yet been used.
No additional accounting entry or VAT declaration is required when the voucher is redeemed.
2. Multi-purpose voucher
A gift voucher is considered multi-purpose when the applicable VAT rate is not yet known at the time of issue. This occurs when different VAT rates may apply.
Example:
A bookstore sells a gift voucher. The customer can use it to buy books (6% VAT) or stationery (21% VAT). The applicable rate is therefore unknown at issuance.
Accounting treatment:
In this case, the sale is not recorded as a standard sale when the voucher is issued.
No VAT is charged
Nothing is included in the VAT return
The sale is only recorded when the voucher is actually used and the applicable VAT rate is known.
| Recording a multi-purpose voucher in PIA Go! |
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| Do you use PIA Go! and want to record a multi-purpose voucher correctly? When you receive payment for the voucher: - Record the full amount in your financial journal via the payments menu - The transaction remains correctly recorded until the voucher is redeemed |
PIA Go! Your digital sidekick for accounting
At PIA Go!, we understand that the rules around gift vouchers can be confusing. That’s why our PIA accountants take into account the different VAT regulations and ensure that all types of gift vouchers are recorded correctly.
Want to know how we help you manage gift vouchers the right way?
Schedule a free video consultation today.
FAQ
What is the difference between single-purpose and multi-purpose vouchers?
Single-purpose: VAT rate known at sale → VAT applied immediately
Multi-purpose: VAT rate unknown → VAT applied at redemption
Should VAT be charged when selling a gift voucher?
Yes, for single-purpose vouchers
No, for multi-purpose vouchers (VAT only when used)
When should the sale be recorded in your accounting?
The payment is first recorded as a prepayment. Revenue is only recognized when the voucher is redeemed.
How does PIA Go! help?
PIA Go! allows you to easily indicate that a payment relates to a gift voucher.
Your accountant ensures the correct treatment according to VAT rules—so you stay fully compliant.
Written by Charlotte Backelandt , Marketing & Content Specialist,
reviewed by Tom Castelein, Personal Income Tax Expert.
reviewed by Tom Castelein, Personal Income Tax Expert.