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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.

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.

A feature to create a Pre-Payment in USD is very important!

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.

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!

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.

Hi, teams
@Kayley

Please 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

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.

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

All our suppliers receive prepayments in a foreign currency. This is a critical issue.

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.

We deal in multiple currency. In a global economy this is odd that XERO do not facilitate this feature.

This is Critical for most of the companies that are engaged in foreign trade. And it seems technically not hard to implement as the system is already there.

What is the option available in the meantime?
Prepayment in Foreign currency is a must for us.
Cannot issue a sale invoice for goods that have not been delivered to the customer. Prepayment from customer to a sale invoice can be months. How can we record these prepayments in the meantime. BAS will be affected and so will PNL.

Surely it is not that complicated - if you can show prepayments in a base currency account why on earth can't you do it in a foreign currency account!

Whilst not strictly speaking a prepayment, I need to record USD payments in advance (deposits to Chinese suppliers) that, ideally I can attach to the invoice which is only raised once the goods are received (many months later).

Yes please - don't want a holding account in the base currency, don't want an overpayment showing up on statements. Want a prepayment that doesn't show on outstanding report.

Is there a work around.