Multicurrency- Batch payments of Foreign Currency Bills.
Batch payments of Foreign Currency Bills.
Dear Xero,
Please consider the feature of being able to batch up foreign currency Bills. We often pay multiple invoices in one go, having to reconcile and mark as paid 10 invoices is extremely time consuming.
Hi everyone, thank you for all the interest and we appreciate the needs for those using foreign currency to have more efficiency in how you process these bills for payment. Your feedback and votes here have not gone unnoticed - We have a team that have been doing some ground work in this space and at this time we have beta that we'd like to invite any UK customers to join and feedback to our team on the experience. If you'd like to be a part of this please fill in our form here and we'll be in touch.
We appreciate this idea is farther reaching than UK alone and while the beta is limited to this region for the time being, based on results we will look at expanding this to other places.
We'll keep you updated of further developments here.
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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.
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Sonya G commented
Alex,
It's not making the physical payments that's the issue.
It's the recording them in Xero that's a problem. Having to record them one at a time in order to issue a remittance, not being able to pull a supplier statement of any kind or do a batch payment record just because it's a foreign currency. -
Mike Tebbutt commented
Why does nobody from the Xero Community team respond to any of these comments? The failure to engage reflects badly on Xero.
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Alex Axentiev commented
Sarah/Victoria/Kathy,
Just connect HedgeFlows to Xero, and we make foreign invoices and payments as simple and easy as domestic ones.
We import foreign invoices from Xero and help you to do payment runs in several currencies at once, syncing them back to Xero. You will most likely save money compared to doing it with your bank too.
If foreign transfers are really a problem for you, you can do much worse than explore our solution and judge it for yourselves!