Currency for book-keeping and invoicing?

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Pelocho

Free Member
Sep 25, 2012
11
0
  • #1
    Hello,

    Regarding a Partnership registered in Australia, I would like to ask what is the mandated or recommended currency for
    • book-keeping
    • invoicing domestic but also international customers

    I should add that the customers are a mix of consumers and businesses.

    Any advice appreciated.
     
    P

    Pelocho

    Free Member
    Sep 25, 2012
    11
    0
  • #3
    Hi David,

    Myself I am a partner based in the UK and I believe that the answer can be of relevance to multiple territories. Also, my impression so far is that the procedures of the Australian tax system are similar to ours.

    I could have generalised the question by not mentioning a country. So if an experienced accountant like yourself or another member states that this is highly dependent on the country of registration, then certainly I will check with an Australian forum.

    Is this sort of where you were coming from David?
     
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    Alan Collett

    Free Member
    May 30, 2013
    4
    0
    63
    Melbourne, Australia
  • #4
    Hello Pelocho.

    If you are registering a partnership in Australia and will be trading in Australia you will need to prepare accounts for the purpose of agreeing your tax liability with the Australian Taxation Office - and for the submission of quarterly Business Activity Statements if you are registered for GST and PAYG Withholding.

    As such you should be accounting in A$'s.

    I assume you will be obtaining an ABN and will be opening a bank account in Australia too?

    Suggest you take a look at Xero as an accounting package - and let me know if you need any formal assistance with Australian tax and business registration issues.

    Best regards.
     
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