Comments on: Multi-currency (1:12) http://blog.xero.com/2008/12/multi-currency/ Xero Accounting Software Wed, 08 Feb 2012 18:47:48 +0000 hourly 1 By: Ash http://blog.xero.com/2008/12/multi-currency/comment-page-1/#comment-19475 Ash Thu, 02 Feb 2012 01:04:17 +0000 http://blog.xero.com/?p=5729#comment-19475 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. 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.

]]> By: Lawrence Sinclair http://blog.xero.com/2008/12/multi-currency/comment-page-1/#comment-7697 Lawrence Sinclair Thu, 29 Jul 2010 07:14:26 +0000 http://blog.xero.com/?p=5729#comment-7697 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? 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?

]]> By: Jon B http://blog.xero.com/2008/12/multi-currency/comment-page-1/#comment-2546 Jon B Mon, 17 Aug 2009 04:41:31 +0000 http://blog.xero.com/?p=5729#comment-2546 Need to be able to do Payables in multicurrency, otherwise it's no use. Need to be able to do Payables in multicurrency, otherwise it’s no use.

]]> By: Martin Gatehouse http://blog.xero.com/2008/12/multi-currency/comment-page-1/#comment-2166 Martin Gatehouse Mon, 22 Jun 2009 07:39:46 +0000 http://blog.xero.com/?p=5729#comment-2166 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! 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!

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