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Invoice for Overseas Clients in USD (outside EU)

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Tilmeldt 8. Dec 19
Indlæg ialt: 8
dkal Skrevet 20-01-2021 kl. 06:47
Hvor mange stjerner giver du? :

Hey Everyone,

I need a few questions about the same problem and topic. 

I have a client who wants to pay in USD and also wants invoices in USD, since he is outside Denmark / EU so he needs invoices for his office record and accounting. How do I deal with this situation? Can I do my whole setup with USD invoices and report the same for tax. Will SKAT accept USD invoices and also if there is any problem doing business in US Dollars

Kindly help, I have no idea what to do here. 

Fra 3210 Vejby
Tilmeldt 2. Mar 11
Indlæg ialt: 42631
Cookie - John Hannover Fra  John Hannover Skrevet 20-01-2021 kl. 11:25
Hvor mange stjerner giver du? :

Thats fine with tax. You will need to either do all your accounting i USD or to enter the DKK value at time of invoicing and then make correction for loss/gain on currency when paid. You can only have your bookkeeping in one currency

br John H

Tilmeldt 8. Dec 19
Indlæg ialt: 8
dkal Skrevet 22-01-2021 kl. 23:37
Hvor mange stjerner giver du? :

Thank you so much for the reply. that clears a fear and very basic but important step for me. much appreciated. 

 

another question popped up which I should have asked with my questions and that is if I am able to do my entire business in USD then how do I keep expenses as in terms of receipts which I spend locally and I get those receipts in DKK and not in USD. I mean eventually, I will be doing my business invoices in USD but local expenses all in DDK how should I go about that?

Fra 3210 Vejby
Tilmeldt 2. Mar 11
Indlæg ialt: 42631
Cookie - John Hannover Fra  John Hannover Skrevet 23-01-2021 kl. 12:03
Hvor mange stjerner giver du? :

As in first answer - you bookkeeping has to be in either USD og DKK - DKK recomended in Denmark to make year end clearer and easier

Anyway you will therefor have to use the today exchange rate to get everything to either DKK or USD

If you invoice 100 USD - and on the day of invoice that is 6,40 dkk, you note 640 DKK and if you are then paid - and the exchangerate has changed so you receive 630 DKK, then you book the 630 against payment of the invoice and another 10 DKK as loss on currency against the rest of the invoice

I do not think you can manage all this yourselv - so I would work with on online bookkeeper

Depending on how you US income is created - you may find you need a US company registration - but that is not something I can advise on her in details

br John Hannover

Tilmeldt 8. Dec 19
Indlæg ialt: 8
dkal Skrevet 23-01-2021 kl. 18:13
Hvor mange stjerner giver du? :

Thanks for the reply

 

it makes complete sense to keep everything in DKK but since I get paid against my services and buyers are located in USA, UAE so it is logical to keep current in USD but of course, as you said I cant do this all myself therefore I signed up billy and dinero and they both have no option to show two currencies on one invoice. 

 

Buyers need invoices in USD for their taxation and so on. i am working from Denmark so I think I do not need to register a company in the USA (btw I am into Web Development & Programming so clients could avail those services from me from anywhere in the world if I am not wrong)

my head is spinning after looking at the amount of work it will involve to keep two different currencies in perfect bookkeeping. 

as for for your advice I have an idea of how it needs to be done also thanks to you for the pros/cons but with all honesty, I have no workflow and no idea where to start and how to start 

Fra 3210 Vejby
Tilmeldt 2. Mar 11
Indlæg ialt: 42631
Cookie - John Hannover Fra  John Hannover Skrevet 23-01-2021 kl. 19:37
Hvor mange stjerner giver du? :

You do not need to show to currencies  - that would not make sence either - as 5 days later, the exchange rate would have changed, and what should your costumor then pay

You show USD only take it in to the value in DKK on invoice date and then when paid  - you will not get the same amount in DKK due to exchange rate changes and have to book gain or loss on currency

As I read you, you cannot do that yourselv - but most online bookkeepers can do that for you and that is the only option for you. Some things you have to leave to proff in that area

vh John Hannover

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