Prepayment - Multi-currency
Ability to create a prepayment in a currency other than the organisations base currency
Purpose: Having a multi-currency prepayment option in Xero will make users’ who are dealing with customers that pay prepaid foreign currency accounts to their business easier.
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Chris Moody commented
Two possible resolutions. We take prepayments in Euros which is not our base currency, which is GBP.
We do it by issuing a credit note to the client, and removing the allocation against the invoice. When they pay the invoice they now have a credit balance, against which we credit future invoices.
Clunky but it works. It does give you a negative accounts payable and receivable, but we’re used to that.
Alternatively move to a system called Iplicit. More expensive but much more powerful.
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Sherry Kagan Segal commented
Hello Xero Support,
We are looking to pass sales receipts as prepayment transactions from our Travel Booking System to Xero Accounting using the Xero API Endpoint https://api.xero.com/api.xro/2.0/BankTransactions
The base currency in our Xero organisation is USD, however we take prepayment receipt transactions from our customers in both USD and ILS (Israeli New Shekel). We then need to allocate them against USD sales invoice transactions generated in our booking system and passed to Xero using the https://api.xero.com/api.xro/2.0/InvoicesOur understanding is that Xero:
1. Does not allow prepayment transactions to be generated via the API if they are in a foreign currency and only allows them in the Xero base currency.
2. Does not allow payment transactions (prepayment or overpayment) to be allocated against a sales invoice in a different currency to the payment itself, e.g. allocating a payment in ILS to a sales invoice is USD, or vice versa.Please can you advise how Xero recommends we should handle this scenario and whether it is on your product roadmap to resolve?
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Christopher Holmes commented
Really shocked to see Xero doesn't natively support this!
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Gareth Lawrence commented
+1 an absolutely must have
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Matthew McGuire commented
Hard to beleive an accounting software doesn't do this. This is basic bookkeeping. Not just being able to record it in fx currency but not having the deposit or prepayment track on the customers account.
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Oksana Kovalenko commented
Please implement this feature. Otherwise, overpayments go to creditors, whereas I need to see them in debtors. Thanks.
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Salonee Verma commented
This would be very useful. the amount of time wasted in work arounds due to an inadequate FX system in Xero (prepayments, accrued income, doubtful debts, etc etc) is ridiculous. Journal entries, payments, receipts, adjustments etc should all be possible in FX currencies. Adjusting everything every month is so unnecessary!!!
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Sophie Carroll commented
Foreign currency prepayment is critical for our international customers, who prepay for our services.
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Oliver Slacke commented
How this isn't a feature I don't know. This is critical for our international customers and suppliers.
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Henrik Maier commented
Xero's documentation made me believe there is a prepayment feature only to find out that the more expensive multi-currency subscription does not have that feature for other currencies than the base currency.
Overpayment as a workaround does not work as there is a GST liability for the payment and we would report GST incorrectly if used.
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Libby Bourke commented
As a work around, I use the overpayment function to handle the foreign currency payments that we make to suppliers in advance. The overpayment function works in multi currency OK. However multi currency prepayments would be preferred.
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Julia Lungren commented
A feature to create a Pre-Payment in USD is very important!
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Wanda Rogers commented
We both receive and make prepayments in foreign currency on a regular basis and so this missing feature does not enable effective cash flow forecasting.
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Leanne Hoffman commented
All our customers are foreign and because we manufacture on order, we take prepayments for all our sales. It is critical to be able to record foreign prepayments and have an effective reporting tool in order to view the same!
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Nitin Chandak commented
Foreign Currency prepayment is essential for businesses who dela in foreign currency. it is wrong to assume prepayments are made only in base currency. The workarouns being suggested in various threads is inconvinent, cumbersome, and makes the books messy.
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Agus Tina commented
Hi, teams
@KayleyPlease add menu prepayment in spend money on Yen Currency.
Or other currency which is we using it yet.
Because prepayment menu is make us easy to apply on bills we cretaed.
Lately, only IDR currency that appear prepayment menu.Thank you
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Chris Moody commented
I take advance payments from my clients on all transactions and also make advance payments to suppliers. I am UK based and all my business is in Euros so for me this is a critical issue.
For @JoshuaWelch below, I currently create a bill and a credit note for the prepayment and then remove the credit allocation from the invoice. When we make the payment we now have a credit with the supplier. When the bill us for any transaction we simply apply the credit to their invoice.
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Joshua Welch commented
This would be very useful, we pay a deposit to our suppliers in foreign currency but have no way of correctly recording/reconciling these payments
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Aleksej Michalik commented
All our suppliers receive prepayments in a foreign currency. This is a critical issue.
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José De Bardi commented
Going to have to seriously consider other account software for my NINE companies if this can't be implemented soon. It is critical for businesses that trade globally.