How do I keep Letscoin money in my administration / accounting package?
Most accounting packages can read our .mt940 files or .csv files.
You can easily download a .mt940 file from the online environment of Letscoin. Go to "money matters" in the online environment, and click on "export transactions (MT940)" on the left.
In your accounting package you will have to create an extra bank account when you start reading your transactions for the first time. If you are asked to enter an IBAN here, use the following (fake) -IBAN: DE70TRIO0123456789.
Once you've done this, reading in the transactions and tapping / assigning will continue just like with your other (regular) bank accounts.
In addition to MT940 files, you can also export the transactions in .csv or .pdf format. To do this, click on 'money matters' in the online environment and then on the right-hand side of the screen on the left or right icon above the word 'amount' respectively.
For the VAT return, you treat transactions on this Letscoin account just like a second, "normal" Money bank account.
Does anything change when the sales tax is declared?
No, nothing changes. A company or consumer makes a purchase at your company and pays in Letscoin money. When the payment is received, you indicate as normal in your accounting whether it concerns a high or low VAT payment.
For the tax authorities it does not matter whether the sales that are entered in the cash register are paid in cash, via the bank, by debit card or with Letscoin. This is purely for your own administration. You ultimately pay the VAT from your Normal Money account, so running your entire company 100% on Letscoin money is not possible, but also not necessary to benefit from the network and Letscoin money.
Do I also have to pay VAT and / or income tax in Letscoin?
Turnover / income earned within the Letscoin must simply be declared to the tax authorities. In addition, a Letscoin simply counts as a normal US Dollar. Transactions that are subject to VAT in national currency are also subject to VAT within Letscoin. The same rules apply here as for trade in national currency. For more information, see the answers to the questions "Does anything change when declaring sales tax?" And "How do I keep Letscoin money in my administration / accounting package?"
How should I send an invoice in Letscoin?
You can just send invoices as normal. Write clearly on your invoice that it can also be paid in Letscoin money. For the convenience of your customer and for security, you can also add the QR code that belongs to your account to the invoice. Then put it next to: "Pay easily and familiar with the Letscoin app".
The customer can then easily pay via the app, and there is less chance that your customer will accidentally pay to the wrong account.
You can find your QR code in the online environment under the ‘personal’ tab. Then click on "QR codes" in the bottom left, and then click on the code that you see in the screen. You can then save the QR code on your computer with your right mouse button and add it to your invoice as an image. Or look your Letscoin App, your QR code would be found under ‘My QR ".
Where can I spend Letscoin money?
Letscoin can be used, by people who have an address in the listed countries. See the list here. You can spend Letscoin money with both individuals and companies that are members of Letscoin. On the website of your community you can search for spending options based on services and products, name, industry, community, or location. Our App can readjust its location according to your location and only show you companies based in that area from which you can spend Letscoin.
In principle, you first look for spending opportunities within your own community. If these are not there, you can continue searching for other members of Letscoin online.
If you would like to involve a certain entrepreneur in the network, let us know - we can help you involve this entrepreneur together.
How can customers pay me in Letscoin money?
Paying with Letscoin money is easy and familiar. Payments can be made via the online environment, the Letscoin app and via the QR code. The online payment environment works the same as with normal internet banking. With the mobile app "Letscoin" you can easily transfer Letscoin with your mobile phone (available for Android and iPhone). Entrepreneurs can make it easier for their customers to pay via the app by visibly hanging their own QR code or printing it on an invoice.
Every entrepreneur in the network has its own QR code. With this code, members can easily and securely transfer Letscoin to each other via the mobile app. You will find your QR code if you are logged in via a web browser under "Personal" and then "QR codes". Then click on the code that you see on the screen. You can then save the QR code with your right mouse button on your computer, and add it to your invoice as an image, or print it and place it next to your cash register.
I would like a company from my network to become a member, where do I indicate this?
Do you have suppliers or buyers that you would like to involve in the network? Then you can indicate this at the organization of your community; they can help you involve this entrepreneur.
Of course you can also approach the entrepreneur yourself. Then read this list of frequently asked questions carefully. In particular questions about accounting are common, but luckily they are also easy to answer with the answers in this list.
How can my company be found in Letscoin?
The most important ways are through your name, keywords, and your industry. You can choose a sector in your profile. You can also enter a description of your services and products, including keywords. For example, if you enter "film, animation, storytelling", you will be found if someone searches for "animation"; Use this field to your heart's content to increase your chances of finding.
In addition, members can find you via your location: on the map or by searching for nearby businesses. Additional search functions that respond to the bonus factor between members are the "Member of a bread fund" and "Customer with Triodos" fields. If you check this in your profile, members can filter it if they are looking for companies, and you have a greater chance of being found.
How does trading with Letscoin benefit both me and the local economy?
Letscoin ensures that money is used more often in the region. Local connections with other entrepreneurs are thus established. By expanding the network with your company you ensure more customers and revenue for your own company and other local entrepreneurs. After all, money that stays longer in the region can do more for the region. Letscoin flows from local entrepreneurs to local entrepreneurs. This encourages local investment. Think of organic quality marks by local horticulturists who are now becoming possible, or a slightly more expensive local purchase that is now becoming financially attractive, as it will also increase their own future income.
In addition, it is not easy to get financing as a starting or small business. Letscoin makes credit possible at low costs. You always spend credit in this network with the other members of the network. Members stimulate trade for each other and thus benefit from your Letscoin credit. That is why we all share the costs. This is how we make interest-free, affordable credit possible. With this we increase the local amount of 'lubricating oil' in the economy and we stimulate a thriving economy.
How can the credit be so advantageous at Letscoin?
The costs and risks of credit are significantly lower at Letscoin than at banks or other financial institutions. This is made possible by hedging risks without interest.
Every credit comes with a certain risk. Banks hedge this risk with interest payments. But the following also applies: the higher the interest, the higher the risk that an entrepreneur cannot repay the loan. For example, the interest costs must increase further. With Letscoin, the risk is covered jointly with the member contributions instead of with interest. By sharing the costs with everyone, they are very low per member, and the interest pressure decreases, making it easier to repay your credit. It is also logical to share the costs with the other members of Letscoin: After all, the credit can ultimately also be spent with them, so all members benefit.
This creates a positive spiral in which, together with the reduced risk, the costs of the credit decrease.
What if there are not many companies in my area yet - where can I spend Letscoin?
An important question, certainly if we ask you to become a member right now to help Letscoin grow. Fortunately, taking part has no risk. If you can't spend it locally, you can do two things with your money:
You can spend it with another community. Collaboration between communities thus increases the number of spending options, so that even in the initial phase you get more from your Letscoin money. If this means that more money flows to some communities than to others, we work together with the other communities to bring the trade balance more into balance.
If it is not yet possible to find good spending opportunities in other communities, you as a company can buy National Currency from the guarantee fund with your Letscoin. We always aim to have at least 103% of the required National Currency in the guarantee fund - we are currently well above that.
How, and after how much time, can I buy National Currency with my Letscoin?
At present, a company can buy National Currency with Letscoin at any time. Because we want to encourage Letscoin to continue to circulate locally for as long as possible, we will introduce in a while that the Letscoin must continue to circulate in the network for a minimum period of time before they can be sold for National Currency.
Members with a business account can then see in the online environment how many days they can buy National Currency with their Letscoin at Letscoin. Every new Letscoin put into circulation initially receives a turn-around time of 180 days. This way we know for sure that Letscoin will continue to circulate among the members of Letscoin for at least six months. If you receive Letscoin with a different circulation time than the Letscoin in your account, the weighted average of the two amounts is taken to calculate the new circulation time.
When buying National Currency, a small 'cash-out' levy is charged (1.5%) to encourage you to take another look at whether you can still spend the money as Letscoin or ask us for help with this.
As a company, do you currently want to buy national currency with your Letscoin, and is the remaining time of the money in your account 0 days? Send an e-mail to email@example.com with the amount you want to buy. We will automate this process within the online environment in the future.
For private individuals, buying National Currency at Letscoin is unfortunately not possible due to the regulations of the AFM. As a private individual, you need to see Letscoin just like a book voucher: you can spend it at all affiliated companies, but you cannot exchange it.
Where can I find my QR code?
Every member of a community has its own QR code. With this code, members can easily and quickly transfer Letscoin to each other via the mobile app. You will find your QR code if you are logged in via a web browser under "Personal". Then click on "QR codes" in the bottom left, and then click on the code that you see in the screen. You can then save the QR code on your computer with your right mouse button, and add it to your invoice as an image, or print it to place it next to your cash register.
How do municipalities and provinces deal with Letscoin?
There are various exploratory discussions with municipalities. The municipality of Rotterdam has granted a subsidy for welfare work to the Humanitas foundation. 40% of this amount will be put into circulation as Letscoin. We then discuss the different forms in which governments can help facilitate Letscoin networks.
What can I do to give extra support to Letscoin?
Letscoin can only work by setting it up as a network of large-scale communities, in which hundreds of companies from various branches participate. Then there is meaningful spending space for everyone in Letscoin.
Suggesting new members to your community is a good way to support Letscoin in your community. In addition, it is of course important to have as much of your income and expenditure in Letscoin money as possible; this is how we create value and a strong economy.