Running a business
Maрго Овсієнко, 2014-05-21
If any of your clients operate within the European Union, you are obliged to issue a European invoice. Such an invoice is not significantly different from the traditional, however, you need to remember to enter relevant additional details:
- while entering your company and client details, keep in mind to enter the proper European Union Tax Identification Number (EU TIN). It has a specific prefix assigned to an individual country belonging to the EU. Full list of EU TINs can be found here.
- if the chosen payment method is a bank transfer, you need to provide your bank details including IBAN and SWIFT.
- enter the appropriate tax rate. In most cases, this is the buyer's responsability therefore in the tax field, simply enter - tax exempt. Full list of EU Vat rates can be found here.
- determine the invoice currency. In most cases, however, it will be Euro. Currency options appear when you click on 'more options'.
- set the invoice language. InvoiceOcean allows you to issue invoices in English, Spanish, French, German, Russian, Italian, Polish, Czech, Dutch and Croatian.
InvoiceOcean - news Running a business
Freight Industry in the US needs Better Invoicing Standards
Invoicing is a process that takes some effort and standardization in order for companies to function effectively for the long term. It is good to stick with one standard in terms of what is expected on an invoice, the payment to be delivered by the due date, and for companies to be able to follow their invoices (knowing which were paid and when for instance) for the long term with their clients.
Mike Lata (aka Maciej Duraj)
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