international receipts and payments

[itsmemo]

We are a global NGO (not a charity), so far we are only registered with the Australian Taxation Office, we are confused about the possible ways to solve our problem described below.

We have paying members all over the world and need 85% of that money to stay in the country of the member because it can only be spent in that country, the remaining 15% should be in a centralised account (US or Australia or UK etc) for global administration and subsidising of work in poor countries.

We also need to pay (preferably from those foreign financial accounts holding the 85% - for exchange reasons) Internet work done as a contractor by some members.

The majority of the sums involved are a few hundreds of US$ at the most but are very numerous.

Can anyone suggest how we should proceed? What are our options? Should we consider international accountants? Or Paypal? Or other? What sort of costs will we face? How should we "google" for further info?

Any hint most welcome.

Thank you for your help.

 

[JVAcct]

You need to clarify the requirement for the funds to "stay in country". I suspect the intent is that the funds are restricted for use specifically for that country. If this is the case, you should set up "Restricted Funds" (google "non-profit accounting") for each country and record revenue and expense within these. In this case all transactions will flow through your centralized bank account.

If the requirement is truly the funds must physically remain in-country, then you will need to set up bank accounts in each country. The accounting will be the same, however managing all of these bank accounts seems problematic.

 

[Ryan.gpsfx]

I work as an FX specialist and deal with issues like this daily. This is a tedious process to manage with the situation you described.

The inter-company netting tool I have would be an easy fix.


Message me for my email address, I can solve this for you.

 

[smallbushelp]

Your question is unclear. Are you wondering how to proceed regarding making payments to the contractors for their work? If so, that would depend on what funds are being used and how the contractor wants to, or can, receive payments. But as JV indicates, you may need bank accounts in several countries. Please provide some additional details.