Comments on: Multi-currency sneak peek http://blog.xero.com/2009/05/multi-currency-sneak-peek/ Fri, 12 Mar 2010 23:58:19 +0000 hourly 1 By: Campbell Yule’s Blog » Xero Analysis - Sam Stewart http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-2075 Campbell Yule’s Blog » Xero Analysis - Sam Stewart Wed, 10 Jun 2009 20:52:54 +0000 http://blog.xero.com/?p=5153#comment-2075 [...] by now will know I am a 100% Xero convert - though I am still waiting for the much anticipated Foreign Currency Release later this month to complete my [...] [...] by now will know I am a 100% Xero convert – though I am still waiting for the much anticipated Foreign Currency Release later this month to complete my [...]

]]> By: Philip Fierlinger http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1934 Philip Fierlinger Wed, 13 May 2009 21:22:51 +0000 http://blog.xero.com/?p=5153#comment-1934 @Hank - normally edge cases are strictly forbidden from our design/dev process, particularly for v1 of a feature. However, this is one case where it would have required more work to avoid the edge cases. @Hank – normally edge cases are strictly forbidden from our design/dev process, particularly for v1 of a feature. However, this is one case where it would have required more work to avoid the edge cases.

]]> By: Hank http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1933 Hank Wed, 13 May 2009 16:19:16 +0000 http://blog.xero.com/?p=5153#comment-1933 Very impressive. Good to see you've covered some fairly unusual edge cases. I look forward to this release! Very impressive. Good to see you’ve covered some fairly unusual edge cases. I look forward to this release!

]]> By: Andrew Butel http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1925 Andrew Butel Tue, 12 May 2009 10:02:47 +0000 http://blog.xero.com/?p=5153#comment-1925 @Brent - we won't be updating the budget in v1 of multi-currency, but we are seeing more and more demand for extended budgeting functionality. so will take your comments into account when we re-work our budgeting. I'd be keen to get some more info from you, could you email me on andrew@xero.com so we can talk further. @Brent – we won’t be updating the budget in v1 of multi-currency, but we are seeing more and more demand for extended budgeting functionality. so will take your comments into account when we re-work our budgeting. I’d be keen to get some more info from you, could you email me on andrew@xero.com so we can talk further.

]]> By: Brent Rollings http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1913 Brent Rollings Fri, 08 May 2009 10:19:51 +0000 http://blog.xero.com/?p=5153#comment-1913 Looks good. I have worked with a number of companies that set their budgets at a budget exchange rate. All actual sales and expenses get posted at the budget exchange rate. Receipts and Payments are entered at spot or actual rates. FX Gains/losses are then posted to one GL account (or one per currency). This allows accurate budget v Actual reporting, pushing FX into one line in the GL rather than having it spread across all lines. Will Xero be able to set budget exchange rates by month and post transactions using the above approach? Looks good. I have worked with a number of companies that set their budgets at a budget exchange rate. All actual sales and expenses get posted at the budget exchange rate. Receipts and Payments are entered at spot or actual rates. FX Gains/losses are then posted to one GL account (or one per currency). This allows accurate budget v Actual reporting, pushing FX into one line in the GL rather than having it spread across all lines. Will Xero be able to set budget exchange rates by month and post transactions using the above approach?

]]> By: Chris http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1902 Chris Wed, 06 May 2009 18:08:36 +0000 http://blog.xero.com/?p=5153#comment-1902 Thanks Andrew, will there be a way to have three different currencies maintained at the same time from one xero account, eg with tabs? It would be great to see balances/debtors etc across the three accounts. I might not have understood you. Thanks Andrew, will there be a way to have three different currencies maintained at the same time from one xero account, eg with tabs? It would be great to see balances/debtors etc across the three accounts.
I might not have understood you.

]]> By: Andrew Butel http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1893 Andrew Butel Tue, 05 May 2009 23:33:01 +0000 http://blog.xero.com/?p=5153#comment-1893 @Chris - using the UK version of Xero, you can currently setup a 0% EC Sales VAT rate and set it as the default VAT code for your EC clients. You can also enter their VAT number (when editing their contact record) and it will appear on invoices. Regarding exchange rates, you'll still need the live rates as you will be reporting all of your sales in one currency (where-ever you pay tax) - so while you are invoicing and receiving payment in the same currency, having up-to-date FX rates means your P&L and Balance Sheet will always be accurate and you'll be able to monitor your FX exposure at any point in time. @Chris – using the UK version of Xero, you can currently setup a 0% EC Sales VAT rate and set it as the default VAT code for your EC clients. You can also enter their VAT number (when editing their contact record) and it will appear on invoices.

Regarding exchange rates, you’ll still need the live rates as you will be reporting all of your sales in one currency (where-ever you pay tax) – so while you are invoicing and receiving payment in the same currency, having up-to-date FX rates means your P&L and Balance Sheet will always be accurate and you’ll be able to monitor your FX exposure at any point in time.

]]> By: Chris http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1891 Chris Tue, 05 May 2009 10:12:03 +0000 http://blog.xero.com/?p=5153#comment-1891 Maybe I missed this but I'm not too bothered about exchange rates as I have three separate bank accounts for £, €, $. Can invoices raised in these currencies relate to their own bank balances, separate from each other? It would be great to be able to monitor the three accounts from the dashboard, Another thought on €, when invoicing in euros that Xero will ask for the EC client's VAT number so that there is a 0% EC Sales VAT rate applied? Thanks & looking forward to June.. Maybe I missed this but I’m not too bothered about exchange rates as I have three separate bank accounts for £, €, $. Can invoices raised in these currencies relate to their own bank balances, separate from each other? It would be great to be able to monitor the three accounts from the dashboard,

Another thought on €, when invoicing in euros that Xero will ask for the EC client’s VAT number so that there is a 0% EC Sales VAT rate applied?

Thanks & looking forward to June..

]]> By: Mike James http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1887 Mike James Tue, 05 May 2009 03:30:35 +0000 http://blog.xero.com/?p=5153#comment-1887 If you are buying goods in an overseas currency, then according to the IRD you must have a tax invoice in NZ Dollars. (IRD, GST on special supplies). The same will therefore apply to GST charged on sales invoices in a foreign currency to a local customer; I think a separate NZD invoice will be required for the GST component. If you are buying goods in an overseas currency, then according to the IRD you must have a tax invoice in NZ Dollars. (IRD, GST on special supplies). The same will therefore apply to GST charged on sales invoices in a foreign currency to a local customer; I think a separate NZD invoice will be required for the GST component.

]]> By: James Riddell http://blog.xero.com/2009/05/multi-currency-sneak-peek/comment-page-1/#comment-1881 James Riddell Mon, 04 May 2009 01:40:49 +0000 http://blog.xero.com/?p=5153#comment-1881 That makes sense, thanks for the explanation. Do you think Xero will one day have the ability for a NZ organisation to charge Australian GST to some customers and NZ GST to other customers if registered in both countries? We have 2 xero organisations at the moment to cater for this (and multicurrency) but it would be so much nicer to manage if we had them in the same organisation. That makes sense, thanks for the explanation. Do you think Xero will one day have the ability for a NZ organisation to charge Australian GST to some customers and NZ GST to other customers if registered in both countries?
We have 2 xero organisations at the moment to cater for this (and multicurrency) but it would be so much nicer to manage if we had them in the same organisation.

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