The goal
If you receive income in USD or EUR (for example from foreign clients), you want two things:
- your income list is correct and easy to review
- your monthly totals make sense in GEL
This post is practical guidance, not legal advice.
Step 1: Record each payment as its own income
The simplest rule is:
- one payment = one income entry
This helps with:
- partial payments (deposit + final)
- multiple invoices in one month
- clean month-by-month history
Step 2: Use the correct date
Currency conversions depend on the date.
Pick one rule for your workflow and stick to it. Most people use:
- the date the money was received
When you keep dates consistent, month totals become predictable.
Step 3: Choose the currency (USD/EUR/etc.)
In Taxocat, set the income currency to match what you actually received.
This prevents a common mistake: entering a USD amount but leaving the currency as GEL.
Step 4: Exchange rate — when you need it
If your income is not in GEL, you’ll need an exchange rate for reporting and monthly totals.
Taxocat can help you keep this step simple:
- use the official exchange rate (recommended for most cases)
- or enter your own rate if you need to match your specific calculation
Common mistakes (quick fixes)
- Wrong currency: double-check currency before saving.
- Wrong month: verify dates, especially around month-end.
- Mixed payments: record each transfer separately.
- No notes: add a short note for unusual payments (refunds, corrections).
If you want a broader checklist, read: /en/blog/common-mistakes-that-cause-tax-stress/
How this helps declarations
When income entries are clean, declarations are easier:
- you can review the month in one place
- then finish in Manual or Auto mode
Read: