Basics
What Happens if I Upload Invoices From Previous Accounting Periods Late?
Accounting is done every month and the deadlines for submitting your report are very strict. We only have a couple of weeks to do the bookkeeping and generate the reports and invoices of thousands of customers. Even applying modern-day automation techniques, as in Companio, takes a little time. That's why we ask you to upload all the invoices from your previous month (sales invoices and purchase invoices) up to the 5th of the following month. If your bank account does not have anFew readersCan I Upload Multiple Invoices in a Single PDF?
Unfortunately, you can't, as we calculate your monthly fee in proportion to the number of invoices you've issued. Keep in mind that if you upload a PDF with several invoices, it will cause problems. There are two possible scenarios: If our accountants ignore the other invoices attached to the document, this can lead to errors in your accounting, incorrectly submitted reports to the authorities, and having to do the accounting again for the affected periods. Consequently, you will havFew readersDo I Need to Justify All Invoices and Bank Movements?
In order to perform the accounting correctly, each and every bank movement in your corporate account must have documentation to support or justify it. The authorities in each country are very strict in that regard. Each payment to suppliers needs a purchase invoice, and all earnings from customers need an income invoice. Salaries must be declared as such, as well as dividends. Everything else, you must inform us so that we know how to declare them. The golden rule is: each invoice must haveFew readersWhat Is the Late Document Penalty, and How Does It Affect Me?
As we explain in this article, uploading documents late prevents us from being able to comply with our obligations and submit your TSD (taxes), and KMD (VAT) reports in time. This is a problematic situation. In the best-case scenario, we need to redo your accounting for those periods. In the worst-case scenario, your company will need to pay taxes for any invoice or moveFew readersHow to Appeal the Rejection of a Document in Companio?
Has your invoice been rejected, and do you believe there has been a misunderstanding? Here's how to appeal the rejection of a document in Companio: Steps: Log in to Your Account: Access your Companio 2.0 dashboard using your credentials. Go to the "Sales" or "Purchases" Section: Navigate to the corresponding section on your dashboard. Find Your Rejected Document: Rejected invoices will be clearly marked in the corresponding section, either "Purchases" or "Sales."Few readersHow to Import Your Invoices in Companio With the Automatic CSV Invoice Import Functionality
The CSV Invoice Import Functionality allows our PREMIUM users to add all their invoices from a CSV file directly from the dashboard. Our system will parse a specially crafted CSV file and generate the invoices contained therein in PDF, adding them to your sales invoices automatically. Prepare the CSV report First, you need to prepare the CSV document. There is a specific format you need to follow to define your invoice entries. You can find the CSV template here (https://api.companio.co/uFew readersHow to Handle Business Expenses When Your New Business Has No Revenue
Starting a new business often means you won’t have immediate revenue or a reliable source of income until you begin to attract clients and gain traction. In such situations, you might wonder how to cover your business expenses. There are several ways to do this, and some are more advisable than others. Methods We Don't Recommend (or Support) One method we don’t recommend involves transferring money to the company as a "business loan" and then paying it back later. This approach is not sFew readersHow to Match One Invoice With Multiple Transactions or Vice versa?
To match one invoice with multiple transactions, follow these instructions: 1. Upload your invoice to the Companio dashboard Go to the Sales or Purchases section (depending on the type of your invoice) and use the "Upload" button to go to the document uploading area. Drag and drop your invoices there. Ensure you note whether you are uploading the invoice for the current month or the previous one to easily locate the document later in your list of invoices. 2. Match the invoice with thFew readers
Purchases
How to Open a Business Account With Uber to Get Proper Invoices?
Unlike other ridesharing providers such as Bolt, Uber does not provide you with proper invoices by default. If you order a ride with Uber, you will get a receipt like this one: Uber receipt As you see, this is not a valid invoice for your business. It is missing important pieces of information such as: Seller info Buyer info Invoice number Tax information (VAT) ToSome readersHow to Deal With Refunds and Chargebacks, and What Are Credit Notes?
Refunds of Company Expenses If a company that charged you for a product or service issues a partial or full refund for any reason, here's how to proceed: You will have received an initial invoice from that provider for the original amount your business was charged. Let's say it was for 1,000€, so you have an outgoing payment of 1,000€ and an invoice for that amount. When they issue the refund for a certain amount, let's say 100€, you need to request a credit invoice from them for that amouSome readersWhat Happens if I Have a Business Expense but Don’t Receive the Invoice Until Later?
It may happen that your company buys something and does not receive your invoice later. But what can you do if it's quite a long time, like a month or two? Ideally, this should not happen and you should avoid doing business or buying from these types of providers. A supplier must issue an invoice shortly after you make the payment. However, if it is something punctual, it is not a serious problem. Nothing happens if it is something sporadic, but your company must pay the VAT on the invoiceFew readersHow to Upload and Match Google Ads and Google Playstore Ads Invoices?
When you have a Google Ads account, Google App Ads account, or Google Playstore account, you may notice that the monthly invoice does not reflect the expected amount. This is because Google operates by increasing the balance each time you make a payment, and then deducts the payment for campaigns, clicks, and other expenses. Consequently, the balance is modified, and only then can you see the resulting invoice, as the image below. (https://storage.crisp.chat/users/helpdesk/website/6b9fFew readersCan I Pay an Invoice Using the Company's Bank Account for Subscription Services?
You can pay 50% of your invoice using the company's bank account for subscription services, such as internet service providers. For this, the invoice must be in your name, and you can manually add the company's name and indicate that you are covering 50% of the total amount.Few readersHow to Upload Invoices for Payments for Deferred Payment Platforms With Credit such as Google Ads
Platforms such as Google Ads and others are what we call "Deferred Payments Platforms". In this FAQ, we explain how to obtain and upload the right invoices for these platforms. Understanding Invoicing for Deferred Payment Platforms Some platforms operate on a deferred payment model, such as Google Adwords. In this system: Customers make payments that are credited to their accounts. The platform deducts from this credit as services are utilized. Fees, discounts, refunds, and taxes maFew readersCan I Deduct Business Rides on Apps such as Uber, Bolt or Lyft?
Yes, trips for business reasons are deductible. However, you need to get a proper invoice from the ridesharing app, not just a trip summary or trip receipt. receipt from Lyft Some providers such as Bolt will give you an invoice right away, but others such as Uber or Lyft will only give you a summary with the cost of the trip. That is not a valid invoice. To get proper invoices, you neFew readersHow to Get Proper VAT Invoices From Google One
Google One is a cloud storage subscription service by Google. While it’s convenient, especially for Android users, obtaining VAT-compliant invoices from Google can be tricky. In this guide, we explain how to ensure your Google One invoices are issued correctly so you can upload them to Companio and deduct your subscription expenses for your business. Invoices for Personal Use vs. Business Use For your Google One subscription to be tax-deductible, the invoices must be issued to your bPopular
Troubleshooting
My Invoice Was Rejected, Why?
Our system constantly checks that your invoices are accurate. If it detects that an invoice is incorrect, it will mark it as rejected and notify you so you can replace it with a proper invoice. Let's explore some typical examples: Non-business expenses Bad quality photos of receipts List of payments Screenshots of payment emails or confirmation screens (2-screenshots-of-payment-emails-or-confirmatiFew readersWhy Do I Pay VAT if My Expenses Exceed My Income?
Sometimes, even though you have had more expenses than income, you find that you have to pay VAT. This may seem confusing at first. Why do I have to pay it if we have had losses? You have to understand how VAT works. VAT (Value Added Tax) is a tax that applies to your sales to European customers if your company is subject to it (that is, if you have a VAT number). In these circumstances, it is added or not to the invoices taking into account some rules. Specifically, some operations are exemFew readersWhat Should I Do if I Made a Personal Expense Using My Corporate Card?
If you find yourself in a situation where you have used your corporate card for a personal expense, there are two actions you can take: Make a Refund to the Corporate Account (Recommended) The best approach is to refund the exact amount of the expense to the corporate bank account from your personal bank account. When making this transfer, it's crucial to label it clearly with the note "Refund for personal expense on DD.MM.YYYY." Afterward, kindly allow 24-48 hours for Companio to dFew readersDuplicate Error Message When Uploading Invoices
While uploading invoices to our platform, you may encounter an error message indicating that the invoice you are trying to upload is already duplicated. We want to clarify how this process works: The system not only checks the physical file name but also performs an internal check of the file's content. This means that if you receive a duplication notification, it could be because not only does the file name match but also because the content of that invoice is already recorded in our system.Few readersWhat Can I Do if My Invoice Has Been Rejected?
If your invoice has been rejected or deemed invalid, you will receive an email informing you of the situation and which invoice or invoices are affected. The first step is to understand why the rejection occurred. Generally, this is because the uploaded documents are not valid or correct invoices. They may be screenshots of payments, personal expenses (such as coffee, meals, or cinema tickets), low-quality photos of receipts, or unreadable docuFew readers
🇪🇪 Company in Estonia
What Are Deductible Expenses?
Deductible expenses are those that can be assigned to the company, that is, paid by the company and deducted as a business expense. Thanks to the innovative Estonian tax system, these expenses are exempt from taxes. They are considered money that you are reinvesting in the company. Basically, it is any expense related to your activity that does not imply that you have a permanent establishment in another country, to avoid considering your company a tax resident there. Let's see some exaSome readersOut Of Pocket Expenses. Definition & How to Declare Them
What Are Out Of Pocket Expenses? The Estonian business system is very flexible and offers many advantages for entrepreneurs. For example, imagine Ana forgetting her business card on her trip to San Francisco and needing to pay a business expense. What can she do? No problem. Ana can pay that expense with her personal credit card or cash, but ask for an invoice for her company and then tell us that she paid that with her personal money. We will declare that expense as “out-of-pocket expensesSome readersWhat Expenses Are Not Deductible?
Here are some examples of expenses that are not considered deductible: Fuel, and car trips within the same country. Travel between countries to visit clients is deductible, but to prevent you from using your car for personal use, fuel expenses within your country are excluded. However, public transportation is always deductible. Food, meals, drinks, lunch expenses. Vacations and pleasure trips, obviously. And also be careful if you decide to “visit a client” from December 24 tSome readersIs AirBnB a Deductible Expense?
Yes, it is, as long as your accommodation is useful for the company's objectives or is necessary for your activity. This includes travel to attend conferences or meet with your startup team to work on a project. You have to keep three things in mind: The maximum time to be able to declare an accommodation in AirBnB (or any other place) outside of Estonia as a deductible expense is 6 months per year. This is because if you have been in that accommodation for more than 6 months, so it wouldFew readersCan I Pay Bills With My Personal Finances?
Yes, you can! For example, imagine you forget your business card on a trip to San Francisco and need to pay for a business expense with it. What can you do? No problem! You can pay for this expense with your personal credit card, or even in cash, but remember to ask for an invoice for your company and then let us know that you paid it with a personal account. We'll report that expense as "out-of-pocket expenses," and you can get that money refunded to your personal bank account tax-Few readersI Charged a Non-Deductible Expense to the Business, What Can I Do?
It's crucial to maintain a clear distinction between your business and personal finances for accurate accounting and tax reporting. Non-deductible expenses, such as personal purchases like meals, drinks, clothes, or other non-business-related items, should not be charged to your corporate account. Adhering to this practice ensures financial transparency and compliance with tax regulations. What should I do if I've charged a non-business related expense to my corporate account? If you findFew readersHow to Match an Invoice I Paid With My Personal Funds?
Imagine the situation: you go on a business trip to Rome to work for a client, and you inadvertently pay for the flight tickets with your personal card (or you don't have access to your business card at the moment). As you know, this is totally fine, it's called Out of pocket expenses, and you can refund the money later from your corporate account to your personal account. But how do you match the invoice, given thatFew readers