You've probably seen some stuff in the media about eInvoicing. We wanted to quickly run you through what eInvoicing actually is and how you can turn it on.
eInvoicing is sending invoices electronically between accounting systems. Instead of someone sending you a PDF of a bill to pay and you uploading it into Xero, eInvoicing takes the bill straight from their accounting system and into yours.
The good news is that if you use Xero, it's really simple to turn on. All you need to do is jump into the Bills to Pay menu, click on the three dots in the top right-hand corner and turn on eInvoicing. This does your registration and everything like that for you. Nice and easy.
The other thing you might have seen in the media is some changes are coming to GST record keeping. Now these changes come in from 1 April 2023 and they reduce the amount of records that you need to keep. If you're issuing tax invoices, you can change the wording and reduce some of the detail that you give to your customers.
The good news here is that you don't actually have to change anything, so you can keep on doing what you've always done. The benefit though, is that if you lose a copy of a tax invoice then it doesn't necessarily mean that you can't claim the GST.
So in short, keep on doing what you've always done. But if you don't get a document from a supplier with the words tax invoice on it, it's not the end of the world like it used to be.
Check out these links for some more information:
As always, if you have any questions don't hesitate to reach out to us - we are more than happy to help.
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