Industries · Retail and e-commerce

Bookkeeping for import and export

Shipping goods across borders involves customs duties, import VAT, foreign currency, and supporting documentation. We record transactions so that every shipment is traceable with all associated costs, and the tax advisor can easily locate the necessary documentation.

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For wholesalers, foreign trade companies, importers, and exporters, from Hamburg to the world

Month-end close for foreign tradeExample

Imports4 shipments, customs assessments complete

reconciled

Exports11 shipments, 1 supporting document missing

1 missing

Foreign currency: USD3 open items, exchange rate at month-end

3 open

Prepayment2 advance payments offset against invoices

offset

FilingsFigures prepared for the EC Sales List

ready

Example of a monthly overview. You can see any missing supporting documents for each shipment in the client portal.

Retail and e-commerce:Wholesale and retail E-commerceImport and exportAll industries in the field of

Your industry

What sets your industry apart

In foreign trade, goods cost more than the purchase price: freight, insurance, customs duties, and invoices from freight forwarders and customs brokers are added. Depending on the agreed terms of delivery, these costs are sometimes borne by the buyer and sometimes by the seller. We allocate them to the respective shipments so that the landed cost is right and you know your margin.

Import VAT is levied on imports and is usually settled through the customs broker. Under certain conditions, it is deductible as input VAT. It is important that customs assessments and invoices are complete and match the goods. We check this when posting. If the import VAT is paid via a deferment account with customs, the debits come in batches and with a delay; we allocate them to the corresponding customs assessments.

Many transactions are conducted in foreign currencies, with prepayment based on a pro forma invoice or via a letter of credit. Exchange rates may change between the invoice date and the payment date; advance payments must later be offset against the final invoice. We track open items in their currency and post exchange rate differences so that they can be traced.

When it comes to exports, documentation is key: export certificates, certificates of arrival, and shipping documents. In addition, there are reports such as the EC Sales List and, above certain annual goods values, the Intrastat return. The tax advisor decides which documents and reports you need in your case. This is especially true for chain transactions and deliveries made directly to end customers abroad. We provide you and your tax advisor with the figures for these reports every month so that no deadline is missed.

Foreign trade also involves partners abroad whose documents look different from German invoices. Invoices may be in English or other languages, suppliers from the EU invoice without German VAT, and payments go through several banks, each of which deducts fees. We check that the invoices contain the details needed for posting, such as the VAT identification numbers of both parties, and allocate bank fees to the respective payment.

Attention to detail

What we pay attention to

Landed cost: freight, insurance, customs duties, and agency fees allocated to the shipment
Import VAT: customs assessments and statements from customs brokers complete
Foreign currency: open items in their currency, exchange rate differences traceable
Prepayment and pro forma: advance payments offset against the final invoice
Export and delivery confirmation documents: available for each shipment in the portal
Filings: figures prepared for the EC Sales List and Intrastat
Suppliers and customers abroad: master data with VAT identification numbers
Bank fees: fees from foreign banks allocated to the payment
Delivery terms: freight and customs duties allocated as agreed in the contract

Price

What it costs

Ongoing bookkeeping and payroll at a price on request. You’ll receive your quote after completing a short questionnaire. All prices are net, plus VAT.

Receipts

Which receipts we need

Purchase and sales invoices, including pro forma invoices
Customs assessments and statements from customs brokers
Freight forwarding and shipping invoices, insurance
Export and delivery confirmations, bills of lading
Bank statements for foreign currency accounts and letter of credit statements

Upload all documents for each shipment together to the client portal, ideally as a ZIP file. We match them to the shipment and let you know what is still missing.

Start

How we get started

To get started, we’ll review your supply chain: which countries you source from, where you sell to, which freight forwarders and customs brokers you use, and in which currencies you maintain accounts. We take over open items in foreign currency, ongoing advance payments, and shipments for which supporting documents are still missing. For each shipment, we’ll specify how you should file the documents in the portal so that the invoice, customs notice, and supporting documentation are all grouped together. After that, you’ll see each month which supporting documents are still missing before it gets costly.

With your tax advisor

We post the entries; the tax advisor decides the tax treatment

We set up the chart of accounts, record ongoing business transactions, run payroll, and prepare wage tax returns. Every month, we reconcile the accounts and pass the figures on to your tax advisor.

You hire the tax advisor directly, with your own contract and billing arrangement. If you don’t have one yet, we can put you in touch with our partner tax advisor, with whom we work closely.

Decisions on tax treatment are the tax advisor’s responsibility. We post entries so that they’re ready for the tax advisor to work with immediately.

How we work with tax advisors

The tax advisor handles the following on your behalf

VAT on imports, exports, and intra-community supplies
What supporting documents are required and how chain transactions should be handled
EC Sales List and advance VAT returns
Valuation of foreign currency items in the annual financial statements

Questions

Frequently asked questions

Do you post in foreign currencies?

Yes. We track open items in the respective currency, post exchange rate differences, and reconcile foreign currency accounts.

Who verifies whether our exports are tax-exempt?

The tax advisor. We ensure that all supporting documents for each shipment are complete.

Do you work with prepayments and pro forma invoices?

Yes. We record advance payments and offset them against the final invoice.

Can you work with us in English?

Yes, in German, English, or Armenian.

We import from China and sell in Germany. What do you need?

Supplier invoices, customs assessments, freight forwarder invoices, and payment receipts. We allocate all costs to the shipment so that the landed cost is right.

How much does bookkeeping for foreign trade cost?

Custom pricing on request. The price depends on shipments, currencies, and accounts; you’ll receive your quote after completing a short questionnaire.

Contact

Let’s talk about your bookkeeping.

During our initial consultation, we’ll determine what your business needs. Afterward, you’ll receive a binding quote via email.