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Invoicing and payment from New Zealand customer

Mapleloor
Experienced Cover User
29 Posts
Experienced Cover User
Australia
Experienced Cover User

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Invoicing and payment from New Zealand customer

What is the best way to deal with invoicing a New Zealand customer and them paying?  I am using Account Right 2022.9.0.  Do I invoice them in NZD at the current exchange rate or AUD?  If they pay via visa with the online system do I invoice them in NZD at current bank exchange rate?  We have never sold anything overseas before.  I believe we don't charge GST either?

2 REPLIES 2
SamaraM
MYOB Moderator
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MYOB Moderator
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Re: Invoicing and payment from New Zealand customer

Hi @Mapleloor 

 

I'm sorry to see that no one has replied to you yet. As we're not accountants we're not permitted to advise how these transactions should be recorded. You would need to check with the accountant to ensure the invoice is recorded and reported correctly.

 

Please let me know if you need further help.


If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Regards,
Samara

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The_Doc
Ultimate Partner
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Ultimate Partner
Australia
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Re: Invoicing and payment from New Zealand customer

Hi @Mapleloor 

 

We deal with this problem all the time though I don't run multi-currency - but in the past did.

 

We constantly get invoices from overseas suppliers - in their currency - and we have to pay in their currency - or we get it in $A and pay in $A or we get it in $US from somewhere and GST may be applied or not. That can be confusing but many overseas companies register with an Aussie ABN so they charge GST - confusing.

 

The answer is keep it simple for yourself.

 

Create the invoice in $A with a GST code of EXP - depending on what you are selling - the laws have changed - but if I invoice someone in NZ for Software development it is in $A and a GST code EXP.

 

This keeps it all simple.

 

And leave it to them to worry about the exchange rate - they got to pay you in $A - so that is their problem.

 

Whhen the money comes in so long as it is in $A you just marry the payment to the invoice without the worry of Gains/Losses.

 

If you lose a little or gain a little - just send it to interest/bank fees.

 

Simple.

 

The Doc

 

 

 

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