Reconciliation - Foreign payment from foreign currency (different)
It would be useful to be able to reconcile a payment from one foreign bank account (eg USD) for another foreign currency.
We tend to have predominately USD customers and a lot of EUR suppliers, so we find that quite often we make a payment to our EUR supplier out of our USD bank account.
When reconciling this in the bank we have to post a payment to a manual clearing account to then be able to post the payment to the EUR Supplier account to clear the invoices.
It would be useful if the feature shown when reconciling (show only GBP Items - which is our base currency) were to show all items and Xero would be able to match the payment to the bill using the exchange rates in the system.
Samantha Davies
shared this idea
-
Xero Support
commented
We are also getting this case incresingly. Current we need to use "Clearing accounts" but it would make alot of sense to have the ability to reconcile payments and receipts that are not in the Organisation base currency.
-
Elisabeth Saunders
commented
As we have multiple currency bank accounts and often bills generated in one country are invoiced in another currency (GBPs, EURs and USDs being classic currencies for many supplies - particularly Software charges - which then recur monthly - so multiple transactions a month/year, which can't be automated.
-
Elisabeth Saunders
commented
There is a need in multi currency businesses (or businesses that work across multiple countries) to allow bank payments to be assigned to bills in a currency other than the currency of the bank account used, or the base currency of the actual business.
ie. A GBP base currency country paying a BILL in EUR out of a USD bank account.
The workaround is clunky and overly complicated - and easily results in a unbalanced clearing account without significant manual adjustments.
The way in which the system allows some transactions to be processed easily in the match process would be greatly improved if this was also a possibility. -
Mitchell Smith
commented
This is extremely important for a majority of our clients. We have a few clients with a larger number of transactions where the work arounds are too labour intensive and make reconciling these transactions time effective. Please see this as being a priority for improving the reconciliation system.
Even if the system does the contras that we would do manually, say to a suspense account, to simply make our life easier and spend less time doing these types of reconciliation.
Thank you. -
Josie Cope
commented
Yes this would make our life a LOT easier if there was a shortcut, or way of bulk reconciling foreign currency bills paid from a different currency.