We can’t tell you how many Shopify eCommerce stores we onboard that do not have their GST set up for their store correctly. Lets start with the basics: First things first. If your Australian business (no matter how it is structured – if it has an ABN it is a business) expects to sell more […]
Australian Shopify + USD default currency = Extortionate Fees!
Please note this article is current as at September 2020. Does this scenario look familiar? You have a Shopify store with an Australian address. But your default currency is USD. Because Shopify will only make payouts in AUD currency, you must pay a 2.8% ‘Shopify Payments Fee’ plus a 1.5% ‘Currency Conversion Fee’ instead of […]
How to set up NZ GST in AUD Xero File
You are an Australian company that is registered for both Australian and New Zealand GST. You use Xero. You are required to make a lodgement in both countries, and must track GST in your Xero file. Is it possible to do this? Xero has not been designed to track GST in multiple countries, however following […]
Xero Foreign Currency Supplier Invoices and how to record Deposits Paid to Overseas Suppliers
Xero works beautifully with foreign currency, but you will need some training to learn how to use this feature in Xero. We work with new ecommerce businesses on a weekly basis. During the set up stage, many of our ecommerce businesses make their first purchases overseas and import product into Australia. This video covers how […]
eCommerce … inventory, Fx, multiple channels, different payments … Xero HELP!!
Business has never been better and you have never felt more out of control … sound familiar? You own a business selling widgets online that has grown from your garage to a warehouse. Business is booming! Problem is … you have cobbled together a number of disparate e-commerce systems, and none of them talk to […]
ATO Deferred GST | How to Complete the BAS
The ATO has a little known but very helpful scheme in place to assist importers with their cash flow. The scheme is called Deferred GST. This allows freight forwarders to waive the GST cost of imported goods when they land in Australia. The client is charged the GST by the ATO on a monthly basis […]
Foreign Currency
Both Xero and MYOB offer foreign currency options on certain subscription levels. The area is very complex, and requires proper setup and month end procedures. Most of the complexity relates to the fact that exchange rates change every day, which create unrealized gains and losses. If you have bank accounts held in other currencies, sell […]
How do I change the default MYOB currency from AUD to XYZ?
Just had a call from a client with this question, and I actually wasn’t sure how to do this myself. After a bit of research … ta da … here is how you do it. First of all, you must be using MYOB Premier as this is the only version that allows foreign currency. Ensure […]