Understanding Export Invoices

Export invoices are vital for international trade, acting as a formal request for payment for goods and services provided. This guide will lead you through the necessary steps to effectively create an export invoice, ensuring compliance with all relevant regulations.

Step 1: Access the Sales Invoices Section

Log into your accounting software and navigate to the 'Sales Invoices' section on your dashboard. This is where you will start the process of creating a new export invoice.

Step 2: Initiate a New Export Invoice

Click on the 'New Export Invoice' button to open a fresh invoice template. This serves as your starting point for entering all required transaction information.

Step 3: Input the Invoice Number

• Enter Serial Number: Fill in the serial number for the invoice. If you haven't established a sequence, click on 'Set Sequence' to configure this. You will need to select a GSTIN for the bill and set a prefix (like EXP) followed by a starting series number (like 001) when saving this configuration.

Step 4: Set the Invoice Date

Choose the date that the invoice is issued. This date is crucial for record-keeping and compliance.

Step 5: Choose the Export Type

Select the appropriate export type from the following options:

• Deemed Exports: Transactions where goods remain in the country but involve payment in INR or foreign currency.
• Export under Bond/LUT: Allows the supply of goods or services without paying IGST, claiming a refund on unutilized input tax credit.
• Export with IGST: For exporters who pay IGST and seek refunds on the tax paid.
• SEZ Supplies: Supplies made to Special Economic Zones, treated as zero-rated to avoid IGST.

Step 6: Add GSTIN of the Receiver

Enter the GSTIN of the recipient, noting that the transaction's country of supply is India and that the currency is INR.

Step 7: Specify Due Date

Optionally, indicate a due date for payment collection to help manage accounts receivable effectively.

Step 8: Include Reference Information

Add any relevant reference information such as an order number or contract reference that can assist in matching the invoice to its corresponding sale.

Step 9: Shipping Bill Details

If applicable, include the shipping bill number and date issued by customs. While you can create an export invoice without these details, they must be included for tax refund claims later on.

Step 10: Enter Shipping Port Code

Provide the shipping port code, such as AEAU for Abu Dhabi, which clarifies the shipping logistics involved in the export process.

Step 11: Input Customer Information

Fill in the customer’s name. If this is a new customer, create a new contact within your system to ensure all information is stored correctly.

Step 12: Detail the Shipping Address

Specify the shipping address where the goods are to be delivered. This is essential for both record-keeping and logistics.

Step 13: Indicate the Country of Supply

Clearly mention the country where the goods have been supplied and delivered.

Step 14: Set the Conversion Rate

In cases where currency conversion is required, enter the conversion rate as per the export bill or manifest issued by customs.

Step 15: Add Item Details

Provide details of the items included in the invoice. If items are not pre-listed in your inventory, create new entries as needed.

Step 16: Display Total Value

The total value of the invoice will automatically populate in both INR and any foreign currency used, simplifying your financial tracking.

Step 17: Save and Print the Invoice

Once all fields are completed accurately, click 'Save'. You will then have the option to print the invoice. Ensure your business address is filled in before printing for a professional appearance.

By following these steps, you can create export invoices that are not only accurate but also compliant with the necessary regulations, facilitating smoother international transactions. For further assistance on business billing, consider utilizing our expert services.