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Vectel
Support/POS and retail IT

Set up gift cards.

Sale is not revenue, redemption is. POS and accounting must reflect that.

Try this first

  1. 1Pick physical cards with barcode, email digital, or both
  2. 2Sale posts to a liability account, not revenue
  3. 3On redemption, post revenue and recognise VAT at that moment
  4. 4Set retention period (commonly 2 or 5 years)
  5. 5Separate SKU per denomination, else reporting is unreadable

When to bring us in

Accountant posts gift card sales as revenue today? Correct before next VAT filing, that is a fiscal error.

See also

None of the above fits?

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