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The foreign currency feature of Xero is here and it looks like it has been worth the wait. The online platform is ideallty suited to adding such functionality and this will rally cause the installed competitors some discomfirt I suspect…Well done xero team!
Need to be able to do Payables in multicurrency, otherwise it’s no use.
I find the big failing in our experience for multi-currency accounting is when unexpected things happen and you need to deal with them across currencies. For example, we might invoice a client in USD, and then they pay us in HKD. The wire just turns up in the wrong currency, and it is a nightmare. In Quickbooks, I am totally stuck trying to figure out how to use the HKD payment to clear out a payable (invoice) that was originally in another currency.
Could Xero handle this?
Hi Lawrence, you may have already solved the problem. We had to set up an ‘electronic suspense account’ that acted as a virtual account for FX transactions to go through, i.e. the HKD is converted to NZD through the electronic suspense account and then converted into USD on its way out.
I’m disappointed in all the accounting software at the moment. We deal a lot with FX and none of them offer an easy to use FX module. It’s not rocket science but Quickbooks and the rest don’t seem to care about their multi-currency customers. I guess we represent too small a fraction of their customer base to make any effort.
Just saw your comment there and would love to chat, have a solution for you.
Love to hear more, just email email@example.com, I’m sure youre busy so will make sure it makes sense for you
I’m an importer/distributor/exporter with home currency ZAR, buying product in USD and Euro and selling in other currencies. 2500 inventory items. My system must use the USD and Euro cost prices to calc selling price in multiple currencies, ie (USD/Euro cost + markup) x exchange rate.
I’m a few days into a 30-day trial of Xero. It seems that inventory item costs must be captured in home currency. If so, is there a workaround so that I can enter the unchanging item costs (which are in USD and Euro) and have the system invoice customers in other currencies?
Of course, POs raise against my USD and Euro suppliers must correctly pick up the entered inventory item costs.
Any help and suggestions most appreciated.
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