Foreign earnings from upwork by a pvt ltd company
This query is : Resolved
26 April 2016
I have just incorporated a company to work on outsourcing project from foreign clients. We get the project through Upwork.com. It is a platform to connect buyer and seller. Now the work is done through upwork and client makes payment to upwork, which transfers the money to our account via bank transfer. Now I want to know how to show this in the account books and what proofs required, in case some one asks for a proof of income.
My accountant is saying that the earning through any mediator(upwork) is not allowed, and I need to get the money direct from the client. Here payment through Upwork is a requirement to build profile and Job history, otherwise I will not get new clients.
Any suggestions would be greatly appreciated.
Regards,
Rajendra
My accountant is saying that the earning through any mediator(upwork) is not allowed, and I need to get the money direct from the client. Here payment through Upwork is a requirement to build profile and Job history, otherwise I will not get new clients.
Any suggestions would be greatly appreciated.
Regards,
Rajendra
26 April 2016
You are getting the work through upwork so getting the payment from upwork is no problem. You can account the bank receipts as your income. Get work order from upwork and also raise invoice on upwork for evidence.
27 April 2016
Thank you Seetharaman Sir. We do not have any specific work orders, but email confirmation of the projects/work done. And the client pays to upwork. And they transfer the money to us. Can we just add the bank entry as earning and raise invoice to Upwork? Do we need the invoice on their US address or India Address is required?
What about the such payments through Paypal? Can we do the same with Paypal also, which is only a payment mediator no work is done through Paypal we only raise the invoice and get payments?
What about the such payments through Paypal? Can we do the same with Paypal also, which is only a payment mediator no work is done through Paypal we only raise the invoice and get payments?
27 April 2016
Add bank entry as earning and raise invoice to Upwork. If the amount is received from US raise invoice in US address. Indian address not required.
Take print out and keep the email confirmation of work done. Get the payment through bank as existing.
Take print out and keep the email confirmation of work done. Get the payment through bank as existing.
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