Bills: Batch Payments - Batch pay multiple foreign currency bills
Ability to have batch pay for multiple foreign currencies.
Purpose: Because some organisations are dealing with foreign currencies, and it’ll save users time to be able to mark a payment in batch for their customers/clients.
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Jo-Anne HAEUSLER commented
I so agree Nicola. Does Xero get these messages? It's like they completely ignore everything that is requested/said!
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Nicola Droogmans commented
I'm really disappointed this is not an option. We have received EUR payments into our EUR bank account that pay up to 1000 invoices at once. I have spent up to 5/6hours allocating one payment, just so that it will crash on me a few minutes from the end of the allocation. I can't afford to waste time like this, especially as the task is back to square one as I can't complete the allocation. What other solution is there?
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JIHAD SALIBA commented
Xero always claims its Product Development Team listens, however, it is clearly not the case.
A Product Development Team that designs and develops an accounting software without a foreign currency batch is gravely unaware of basic user functionalities of accountants and bookkeepers.
A Product Development Team does not need to milk their brains to develop good user functionality modules, it just requires them to look around in the market and check the fantastic products competition has. Unfortunately, they prefer to remain secluded in their cocoons...
As an accounting and bookkeeping services company, though we had previously adopted Xero as our exclusive software partner about 5 years ago, for the last 2+ years, we have been onboarding new clients to different accounting solutions given that Xero is not evolving in the direction that suits basic operational needs of a business like ours.
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Sonya G commented
Agreed! However it would appear that Xero is not actually paying attention to the requests of actual users as this has been going on for years and it is a real need unlike the cosmetics!
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Jo-Anne HAEUSLER commented
Thank you Jihad I so agree with you. The foreign currency batch payment is a simple urgent need far more important to general accounting than all the other cosmetic gimmicks xero is wasting their time developing.
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JIHAD SALIBA commented
We all need those Einstein software developers at Xero and their Managers (who obviously had never worked in accounting themselves) to listen once and for good and to accept developing proper core user functionalities instead of wasting their time on silly cosmetic gimmicks for iPhone and Android.
Unfortunately, they are quite resiliently obstinate, it has been almost 5 years now and they are still refusing to do it.
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Jennifer Ellis commented
We had a client pay 11 invoices today in our non-default currency and it took 20 minutes to reconcile. Pay each one, then go back into the paid file and upload the remittance 11 times. Could have taken me less than one minute. It's also super handy to see the total deposit to make sure the bank deposit matches the invoices being reconciled.
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Delene Keyser commented
I have to reconcile 150+ bills in THB. I have to start and repeat this process in the bank reconciliation as Xero and I can't keep track of where in excel we are. I tried a bulk payment, but it is in a different currency. Is there a workaround? It would save so much time weekly.
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Man Sze Cheung commented
we have more than 90% oversea suppliers , and we have a month credit, so every month when I paid , I need to settled the invoice one by one , waste a lot of time
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Robert Hill commented
This is an integral accounting procedure. By not allowing foreign currency batch payments, the software adds more time to the reconciliation process. We can do this in QuickBooks.
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Nicole Spiridon commented
All of our foreign client are paying in bulk so it is time consuming to allocate currency receipts to each individual invoice, it would be so efficient to mark a client payment in batch.
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Patty Robertson commented
What if a business issues USD cheques? We used to do that and this would have been a major issue. As it is, we do many USD and EUR payments that are paying multiple invoices at a time and it is very inconvenient to have to wait until transactions go through the bank as I am unable to send remittance information to my suppliers.
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Vladimir ELPMOVING commented
Hello! is it possible at least make a function to download excell file with bills information, so we could import it into Revolut or Wise and make batch payments in bank
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Jerome Rousselot commented
I just enabled the Xero Pay add-on especially to pay monthly small EUR invoices.
Why integrate with Wise.com if not for international payments? -
Mandy Ross commented
No, to be able to create a bank upload file for international bank details eg iban and swift, that can then be uploaded to the bank for payments from bills to pay
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Rakesh Latchana commented
I found a workaround for recording a batch payment of bills in a foreign currency. Instead of selecting the Bills to Pay and then using Batch Payment from the Bills area, go to your Reconcile Account screen for the bank account, find the payment from your imported transactions, select match, unclick the 'Show *** items only', use the search field to find and select the various bills, then click OK.
Warning: If there is a difference between the total of the bills selected in local currency and the payment, the difference will get posted to realised currency differences. So you need to ensure that all the bills were correctly selected.
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Sam Wakeling commented
For one of our business we only have Fx bills and invoices of around 1k each month, this is such a huge efficiency loss needing to separately pay bills
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Alex Axentiev commented
Hi Sonya,
Our basic tier is actually free and includes 50 local payments (such as SEPA in Euro, Faster Payments in Pounds Sterling or ACH in US dollars). We would only charge for FX conversions or SWIFT payments, should you need them.
Naturally, we have other subscription tiers, which are designed to give you value-added features but clients that use them usually reap the benefits of cost savings vs bank charges plus time savings for finance teams.
Foreign currency finances can have more complexity and nuances, and there are many areas where using a specialist app can help way beyond what Xero delivers - easily understanding drivers behind FX Gains & Losses, for example.
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Sonya G commented
Hi Alex,
Fair enough and your product sounds great, but I'm guessing it's also not free?
And it means adding another third party app into Xero and unfortunately we haven't had much success with third party apps and Xero so I'm a little soured on the ideas - apart from which if Xero is going to offer multi-currency processing, they really should apply all the features across the board. -
Alex Axentiev commented
Hi Sonya,
Thank you for your insights. We actually solve both recording payments automatically in Xero (individual payments linked to the correct invoices) and can send remittance emails to your suppliers with the list of the invoices covered.
I hope you don't mind me talking about our own product... Xero works with certified Apps in their marketplace, and HedgeFlows is one of them, working passionately to solve problems exactly like the one discussed in this forum. I hope someone here will find this useful.