Feature
A gift card sale is a liability until it is used.
You have been paid but have not delivered the goods, and VAT follows its own rules. On a single-purpose gift card it must be accounted for at the time of sale. The two things must be kept apart in the accounts. Kuvert keeps them apart all the way, from the sale through redemption to the card that is never used.
How it works
Three steps
- 01
The sale becomes a liability
When the card is sold, you receive the money, but you still owe the goods. The amount sits as an outstanding liability and not as revenue, and you can always see what the total liability is right now.
- 02
Redemption becomes revenue
When the card is used, you deliver the service, and the redeemed amount moves to revenue. For partial redemption, only the amount drawn moves; the rest remains a liability.
- 03
You get the figures, your accountant reconciles them
Monthly summary, daily sales lists and a settlement that balances to the penny. The export is semicolon-separated with comma as decimal, so Excel opens it as-is with Danish formatting.
The books
The books
As at 15 January 2026
| Card | Issued | Redeemed | Liability | Income |
|---|---|---|---|---|
| Untouched cardValid until 10 May 2027 | DKK 500.00 | — | DKK 500.00 | — |
| Partly usedValid until 19 February 2027 | DKK 500.00 | DKK 240.00 | DKK 260.00 | — |
| Expires soonValid until 25 January 2026 | DKK 300.00 | — | DKK 300.00 | — |
| Total | DKK 1,300.00 | DKK 240.00 | DKK 1,060.00 | DKK 0.00 |
Three cards on the shelf, and the same money in two columns. Move the date, and see when an expired card finally becomes income.
When are you looking at the books?
Three cards have been sold, and one of them is partly used. Only the amount drawn is revenue; the rest you still owe.
The settlement
DKK 1,300.00 issued − DKK 240.00 redeemed − DKK 0.00 expired = DKK 1,060.00 in liability.
It always adds up.
A card's balance is always the amount issued minus the amount redeemed, so the two sides add up by themselves. An expired card only becomes income once a further 12 months have passed. Until then the customer can still demand to have the remaining balance paid out.
Details
What to know
- The settlement always balances
- Value issued plus adjustments minus redeemed minus expired equals the liability that remains. The figures come from the same postings as the cards' balances, so the sum adds up every time without anyone having to adjust it.
- You get a proper invoice for our fees
- The service fee of 2 % + VAT and the handling fee are deducted automatically through Stripe, and an automatic debit leaves no documentation by itself. So we issue an invoice every month with everything the Danish VAT order (momsbekendtgørelsen) requires, and its amount is exactly what Stripe deducted in the period, so it can be reconciled directly against the account.
- And a credit note if an order is refunded later
- An invoice is never altered. If an order is refunded after the month has been invoiced, Stripe also returns our fees. We then issue a credit note that refers to the invoice and has its own number in the same consecutive series. Together the two add up to what was actually deducted.
- An expired card doesn't become revenue on expiry
- The customer may still have a right to a cash payout of the remaining balance in the following period. Only once both the validity and that deadline have passed does the remaining balance count as revenue. Until then it sits as a liability, even if the card has expired.
- Cards you issue yourself are kept separate
- Sold at the till, issued against invoice and free are three different things in the accounts, and you choose the type when you issue the card. A bonus in a campaign isn't the same as a complimentary card, and they shouldn't end up in the same column.
- Periods follow the Danish calendar
- A month runs from midnight to midnight Danish time, not UTC. The difference is one hour at each end of each month, and that is exactly where a sale on the evening of 31 December lands. Otherwise revenue shifts between two VAT periods without anyone noticing.
- Staff don't see the figures
- The «staff» role can redeem cards and check in tickets, but not see revenue, liabilities or invoices. The accountant can see the accounting figures without being able to change prices.
Questions
Frequently asked questions
When does a gift card become revenue?
When it's redeemed. Until then it's a liability: you've received payment for a service you haven't yet delivered. For partial redemption, only the amount drawn moves, and the remaining balance stays as a liability.
What about cards that never get used?
They sit as a liability until both the validity and the following deadline for cash payout of the remaining balance have passed. Only then can the remaining balance be recorded as revenue. Kuvert calculates it for you and never records a card as revenue on the day it expires.
Can I get the figures into my accounting software?
You download a monthly export as CSV in the format Danish Excel opens directly, with a semicolon as separator and a comma as decimal. For e-conomic there is a direct connection: Kuvert puts each day into your journal with the voucher attached, and you switch it on under «Bogholderi». For Dinero and Billy there is no direct connection yet, so there your bookkeeper works from the export and the monthly invoice.
Do I get an invoice for Kuvert's fees?
Yes, one each month, automatically, under Invoices in the dashboard. It contains everything the VAT regulations § 58 require, and the VAT on it is purchase VAT you can reclaim. The amount is exactly what Stripe took in the period.
What if my business isn't Danish?
Then the VAT follows you, not us. If you're an EU business outside Denmark, the transaction is subject to reverse charge: we don't levy VAT, it's stated on the invoice, and you settle it yourself. If your business is outside the EU, the transaction isn't subject to VAT in Denmark. For reverse charge we need your VAT number.
Can my accountant have access without being able to change anything?
Yes. The «accountant» role gives read access to orders, redemptions, accounting figures and invoices, but not to change prices, issue cards or touch the shop.
Is VAT due on a gift card when it is sold?
Usually yes. If the card can only be used at your business in Denmark, and everything it can be used for carries the same VAT (typically 25 %), it is a single-purpose gift card, and the VAT must be accounted for when the card is sold and not when it is redeemed. If it can be used for things with different VAT, such as both VAT-exempt and taxable services, it is a multi-purpose gift card, and the VAT is only accounted for on redemption. Kuvert does not know your VAT rates and does not decide the type for you; take it up with your accountant. The figures for both are in the monthly export.
Good for
In the docs
Other features
All features- Gift cardsAn amount, a greeting and a code
- Punch cardTen punches on one card, not an amount
- Corporate giftsThe company buys for the whole list
- TicketsNights, tiered prices and the door
- Table bookingThe restaurant's tables and the club's booths
- CampaignsA bonus for a period, or a code
- On your websiteThe purchase opens in an overlay on your site
- Payments and payoutsMobilePay, and the money to the bank
- Redemption and scannerScan the code, or enter it
- The Kuvert appOn the home screen, no App Store
Try it on your own site.
Create the shop, connect Stripe and add your products. No monthly fee on sales and no lock-in.