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Question about New Zealand-specific tax options and currencies
I'm in New Zealand. Most of my business income is in NZD but some of my clients pay in USD to a US bank account or PayPal account. Can I use different currencies at the same time or do I have to set my currency in the settings and then have all transaction be only in that currency?
Also how flexible are the sales tax settings? I will be charging NZ clients GST (goods and services tax) which I need to collect and record monthly and then pay back to the gov. I also need to be able to deduct GST paid on business expenses from this amount owed to the gov, and create GST reports from this data. Does the sales tax feature support these functions and work with country-specific requirements and rates?
Also how flexible are the sales tax settings? I will be charging NZ clients GST (goods and services tax) which I need to collect and record monthly and then pay back to the gov. I also need to be able to deduct GST paid on business expenses from this amount owed to the gov, and create GST reports from this data. Does the sales tax feature support these functions and work with country-specific requirements and rates?
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Inappropriate?You can invoice in any currency but must receive payments in your company's currency.
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