Whether you run a physical shop, a digital storefront, or both, this guide will help you keep your accounting in order, stay compliant, and save time with Accountable. In this article, you will also find guidance on tracking revenue, managing expenses, and understanding your tax obligations as a retail professional in Belgium.
The essentials first
👉 Cash-only retail shop
• Requirement: A cash book is mandatory.
• Action: Encode daily receipts as income in the cash book. This keeps your financial records accurate and audit-ready.
👉 Digital-only retail shop
• Requirement: A cash book is not required.
• Action: Encode daily receipts regardless. Even without a mandatory cash book, recording daily transactions is essential for accurate financial oversight.
👉 E-Shop
• Requirement: A cash book is not needed.
• Action: Encode monthly payouts and monitor the OSS (One Stop Shop) threshold. This keeps you compliant with digital sales regulations and ensures accurate income reporting.
🚨 If you are subject to VAT, the €10,000 threshold for sales to private individuals within the EU (excluding Belgium) must be monitored manually, as Accountable does not currently track it automatically. More info about e-commerce taxes in Belgium.
🚨 The franchisee VAT regime is still entitled to the €10,000 threshold for sales to private individuals within the EU (excluding Belgium). This threshold must also be monitored manually.
Upon request, a new EU-wide threshold of €100,000 may be granted.
More info about the VAT franchisee status.
How to keep track of your revenue: cash books, invoices & sales rules
What's the difference between a cash book and a daily receipt book, and do I need both?
As a shop owner (or e-shop owner) in Belgium, you are required by law to maintain accurate financial records, including a daily receipt book (dagontvangstenboek) and a cash book (kasboek).
What is a daily receipt book? 🤔 A daily receipt book is a book in which you record all your daily sales for which you do not issue an invoice, regardless of the payment method used by the customer.
What is a cash book? 🤔 A cash book is a financial journal in which you record all cash receipts and expenses. Both simplified and double-entry bookkeeping require a cash book. You can keep it on paper or digitally via specialised software.
❗️The daily receipt book ≠ a cash book. The cash book records all purchases and sales received or paid in cash.
Here's what you need to know about keeping physical copies:
Daily receipt book:
It's mandatory for businesses that don't issue invoices for every transaction.
The book must be an official, physical book with consecutively numbered and bound pages. Loose sheets are not allowed. (You can find one at this supplier)
In case of an audit, you must be able to present this physical book along with supporting documents.
How to use the daily receipt book 🤓
Physical copy | |
Enter the information below on a daily basis:
|  |
How to encode this in Accountable 📱
Go to the 'Revenues' section in Accountable.
Select 'Add another revenue' to create a new entry.
Enter the date on which the sales were recorded.
Input the total daily revenue, making sure only transactions under €250 without an invoice are included in the receipt book.
Select the applicable VAT rate for the revenue. Create a separate entry in Accountable for each VAT rate.
Upload a scan of the page, such as a copy of the physical receipt book or a digital summary.
Confirm the entry and check that it is correctly recorded in your bookkeeping.
 |  |
If a sale exceeds €250 (VAT included) and is made to a private individual, you are legally required to issue an invoice.
👉 Once an invoice is created, do not record this sale in your receipt book, it should only appear in your invoices.
💡 For sales to businesses (B2B): always issue an invoice, regardless of the amount.
Scenario | Invoice needed? | Record in Receipt Book? |
Sale under €250 to individual | No | Yes |
Sale over €250 to individual | Yes | No |
Sale to business | Yes | No |
Cash book (when you frequently handle cash transactions):
It's used to record all cash inflows and outflows.
Like the daily receipt book, it should be a bound book with numbered pages. (You can find one at this supplier)
For e-shops 👩💻
For local online sales to Belgian private individuals, you can find a monthly sales statement on the platform you use.
This statement includes the total amount sold (VAT included) and serves as supporting documentation for your accounting. Encode this total as a single invoice, using "Belgian private individual" as the client.
💡 Tip: Record your revenue regularly, whether daily, weekly, or monthly. The most important thing is to find a consistent rhythm that works for you.
If the platform (Etsy, Shopify, etc.) takes a commission from your sales, encode it as follows:
➡️ Encode the gross revenue in your revenue screen
➡️ Encode the commission as an expense in your expenses screen
Should I recognise revenue when the sale is made or when the goods are delivered?
Register income at the time the invoice is issued, not when the service or product is delivered.
Key principles:
Invoice date is leading: For accounting and VAT purposes, the invoice date determines the period in which revenue is recorded.
VAT declaration: Declare VAT in the quarter in which the invoice was issued.
Tax return: For income tax purposes, record income in the year in which it was actually earned, regardless of the invoice date.
How to encode gift cards correctly
1) Gift card for a product or service with a single VAT rate
If the gift card is for a product or service subject to a single VAT rate, record it immediately as a sale and apply the appropriate VAT rate.
When the gift card is redeemed, no further accounting action is needed, as the sale has already been recorded.
→ In this case: record the sale of the gift card only.
2) Gift card for products or services with multiple VAT rates
If the gift card can be redeemed for products or services subject to different VAT rates (e.g., books at 6% and CDs at 21%), make no accounting entry at the time of issuance.
Record the transaction only when the gift card is redeemed, as that is when the applicable VAT rate(s) are determined. At that point, create a sales invoice or accounting entry.
→ In this case: record the sale of the goods or services, not the sale of the gift card.
💡 Don't forget
Incorrectly encoding gift cards can lead to inaccurate VAT reporting.
👉 Always consider when VAT becomes due:
-> At the moment of sale (if the VAT rate is known),
-> Or at the moment of redemption (if multiple VAT rates apply).
When in doubt, wait and record the transaction when the gift card is used.
Managing and deducting business expenses
As a shop owner, you can deduct the following expenses at 100%:
Office equipment and supplies |
Inventory and materials |
Professional insurances |
Accounting fees and software (like Accountable) |
Interest on business loans |
Utility bills for your shop (your electricity bill, for example) |
Marketing and advertising costs |
Website hosting and maintenance |
The following expenses are only partially deductible:
Home office expenses (if you work from home) |
Mortgage interest or rent (proportional to the office space used) |
Utilities (proportional to office space) |
Vehicle expenses (based on professional usage) |
Business meals |
Business gifts |
Other deductible expenses you might not have thought of:
Social contributions |
Training and education costs related to your business |
Shipping and postage costs |
Bank fees for your business account |
❗️Important:
Keep all receipts and invoices as proof of your expenses.
For mixed-use items (like a computer or phone), deduct only the percentage used for business.
Large investments (like equipment) may need to be amortised over several years.
If you have an e-shop, include costs related to your online presence and digital tools.
What you need to know about inventory, payroll, taxes & online payments
How should I account for inventory in my accounting?
"In Belgium, companies that buy and sell goods are required to keep a record of their stock levels and report them in their accounts. The inventory book must include information on the cost of goods sold and the value of unsold stock at the end of each accounting period."
This article on managing stock and inventory in Accountable explains the importance of your inventory and how to track it.
How do I calculate employee salaries and social security contributions in Belgium?
This article on employer contributions in Belgium explains the costs of having an employee.
What are my income tax obligations as a shop or e-shop owner in Belgium?
Income tax:
As a self-employed person, you file an annual personal income tax return. Your taxable income is calculated by deducting your professional expenses from your income. The resulting net taxable income is added to any other income (such as income from a main occupation if you are self-employed as a secondary activity), and taxes are calculated on this total.
As a (web)shop owner, keep the following VAT rules in mind:
Standard rate: 21% VAT on most products (6% for specific products such as food or books)
Small businesses: if your turnover is less than €25,000 per year, you can apply for a VAT exemption (small business regime)
Tax obligations:
If you are subject to VAT: quarterly VAT submission
🇪🇺 Sales to private customers in the EU (outside Belgium)
If your total sales to EU-based individuals (outside Belgium) exceed €10,000 per year, you must:
Charge the VAT rate of your customer's country, not Belgian VAT.
Declare this foreign VAT in each relevant country, unless you register for the OSS scheme.
💡 With the One Stop Shop (OSS), you can report all your EU VAT obligations in one single quarterly return via the Belgian tax portal. This saves time and avoids multiple VAT registrations.
👉 Until you reach the €10,000 threshold, you can apply Belgian VAT on all EU B2C sales.
This guide to setting up your e-shop as a side hustle can help you know what to expect.
Read this guide to navigating e-commerce taxes in Belgium for a full overview of your obligations.
Key takeaways
A cash book is mandatory for cash-only retail shops. E-shops and digital-only shops do not need one, but recording income regularly is still essential.
Issue an invoice for every sale over €250 to a private individual, and for all B2B sales regardless of amount. Do not record invoiced sales in your receipt book.
Record gift card sales immediately if a single VAT rate applies. If multiple VAT rates apply, record the transaction only when the card is redeemed.
If your EU B2C sales outside Belgium exceed €10,000 per year, you must charge the customer's local VAT rate. The OSS scheme lets you report all EU VAT in one return.
Keep all receipts and invoices as proof of expenses, and only deduct the business-use portion of mixed-use items.
Need help? Chat with us or email support@accountable.eu, we're happy to help.