The sale
When the card is sold, you get the money, but you still owe the goods. The amount stands as an outstanding liability, not as revenue.
The redemption
When the card is used, you deliver the service and the redeemed amount becomes turnover. With partial redemption only the deducted amount is moved — the rest still stands as a liability.
Cards that are never used
An unredeemed card remains a liability until both the validity period and the subsequent cash payout period have expired. Only then can the remaining balance be recognised as revenue.
Cards you issue yourself
Cards you issue from the dashboard are kept separate from those bought on your gift card page, because the money has not gone through the payment flow. You choose the type when you issue — and the choice determines both how the card is accounted for and what rights the customer has:
| Type | What it is | The customer can claim the remaining balance paid out |
|---|---|---|
| Sold at the till | The customer has paid you directly — at the reception, over the counter, on your own terminal. | Yes |
| Corporate (invoice) | Sold to a company against invoice, settled outside the payment flow. | No |
| Free / comp | Given away — compensation for a dissatisfied guest, a gift, a prize. | No |
Fees
Kuvert's 2 % + VAT is deducted on each transaction as an application fee — the VAT is deductible input VAT. Stripe's own fees are settled separately on your Stripe account and are VAT-exempt. Both are expenses, not a deduction in the liability.
Cards you issue yourself do not go through the payment flow, and there is neither a Kuvert fee nor a Stripe fee on them. They still stand as a liability from the moment they are issued.
You get one invoice from Kuvert per month, under Invoices in the dashboard. It covers both the commission and the handling fee, and its amount is exactly what Stripe has deducted in the period — so it can be reconciled directly against the account. That is where the VAT is deducted: the fees are raised automatically via Stripe and leave no documentation in themselves. The invoice is filled in with your billing information; if we don't pull it automatically from Stripe, you can correct it yourself under Settings.
The handling fee
The handling fee is 5.00 kr. incl. VAT per gift card and per ticket — an order of three cards costs 15.00 kr. — and by default it is added on top of the card amount for the buyer. The payment happens on your own Stripe account, so it is you who collects the fee from the buyer — and Kuvert that invoices it onward to you. Under Settings you decide yourself whether the shop or the customer pays it, and the same for the commission — separately for gift cards and for tickets. The only thing that actually stays with you is Stripe’s own percentage of the fee — a few øre — because Stripe calculates its fee on the whole payment. Tickets under 25.00 kr. carry no handling fee, whoever you have chosen to pay it.
Accounting-wise, the fee is two entries that balance: you have revenue on what the buyer paid, with sales VAT — and an expense on Kuvert's invoice, with input VAT. Net it costs you nothing, but it stands in both places, and it must, because the payment came into your account in your name.
It appears as its own column in the monthly export and as its own line on the invoice. The invoice amount is the commission plus the fee — that is exactly what leaves your Stripe account, so the reconciliation balances on one figure.
When an order is refunded afterwards
An invoice is a snapshot and is never revised — a VAT document that changes whilst someone is reading it is not a VAT document. But if an order is refunded after the month is invoiced, Stripe also gives our commission back. Then the invoice would be asking for something that has been reversed.
That's why we issue a credit note. It comes automatically, it refers to the invoice it corrects, and it has its own number in the same continuous series. Invoice and credit note together add up to exactly what Stripe ended up deducting — so your reconciliation balances without anyone having amended an already-issued document.
A period can have multiple credit notes. If an order is refunded in September and another in October, that's two corrections of August — not one that gets revised.
If your company is not Danish
The VAT on our invoice follows you, not us. If your company is Danish, it shows 25 % VAT, which you deduct as input VAT. If it is registered in another EU country, the transaction is subject to reverse charge: we charge no VAT, it is stated on the invoice, and you account for it yourself under the rules in your own country. If the company is outside the EU, the place of supply is outside the EU, and the transaction is not VAT liable in Denmark at all.