NZ Invoicing Requirements

  • Updated

This guide provides an overview of how Unimarket handles electronic invoicing in alignment with New Zealand Inland Revenue Department (IRD) requirements. It is designed to assist your institution's understanding of electronic record retention and the validity of digital tax invoices.

IMPORTANT

Disclaimer: This document is intended for guidance purposes only and does not constitute formal financial or legal advice. Please consult with your internal finance team, auditors, or the IRD for official compliance confirmation.

 

Electronic Invoice Content Requirements

The IRD has specific requirements for what a Tax Invoice must display to be considered valid for GST purposes. Unimarket’s electronic invoice templates are designed to meet these standards automatically.

A valid Tax Invoice in Unimarket includes:

  • The words "Tax Invoice" in a prominent place.
  • The name and GST number of the supplier.
  • The name and address of the recipient (the Customer).
  • A unique invoice number and the date of issue.
  • A description of the goods or services supplied.
  • The quantity or volume of the goods/services.
  • The total amount payable and the GST amount (or a statement that GST is included).

 

Retention of Electronic Records (SPS 13/01)

According to IRD guidance (SPS 13/01), institutions are permitted to store records electronically. Provided they are an accurate reflection of the original and meet content requirements. What does a Tax Invoice need to show?

  • Original Scans: If you receive a physical invoice and scan it into Unimarket. It is generally not an IRD requirement to attach the original physical document to the electronic copy, provided the electronic version is a clear and accurate representation. IRD Retention of Electronic Records (SPS 13/01)
  • Accuracy: The key requirement is that the electronic record must be stored in a way that its integrity is maintained and it can be readily retrieved for audit.

 

How Unimarket Processes Different Invoice Types

A. Invoices Sent Electronically (B2B/XML)

When a supplier sends an invoice directly from their system into Unimarket via XML:

  • The "Original": The electronic XML message itself is the original document.
  • Unimarket’s Role: Unimarket generates a PDF version of the invoice in the IRD-compliant format based on that raw data.
  • Compliance: The original XML message is attached to the invoice record in Unimarket, identifying the sender, date, and time for full auditability.

 

B. Supplier Invoices

When a supplier logs into Unimarket and creates an invoice against a Purchase Order (PO):

  • The data entered by the supplier becomes the digital original.
  • Unimarket’s Role: The system generates an IRD-compliant PDF.
  • Attachments: While suppliers can choose to attach a separate PDF copy of their own, it is optional. As long as the Unimarket-generated copy accurately reflects the transaction.

 

C. Invoices Entered by Accounts Payable (Manual)

When AP staff use the Create Invoice feature for paper or email invoices:

  • Digital Representation: This creates an electronic copy used for the 3-way match process.
  • Community Settings: Your institution can choose to make "Original Document Attachments" mandatory in your Community Settings. However, from an IRD perspective, the accuracy of the electronic data is the primary concern for record retention.

 

Auditor Summary

For audit purposes, every invoice in Unimarket maintains a History tab and an Attachments section. This provides a complete trail of:

  1. Who submitted the data.
  2. When it was submitted.
  3. How it was submitted (XML, Supplier, or AP Entry).
  4. Verification that the data meets all NZ Tax Invoice format requirements.