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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Nigel Williamson commented
Thanks Alex. While that's a fine tool for some, it's not what this request is about. Many of us already have foreign bank accounts - we don't need to create a forex batch and buy currency. If we have currency accounts, it's ludicrous that we have to pay every invoice singularly. Putting aside potential complexity around different banking systems and creating a batch to upload (which I don't actually think is any issue at all), I'm just talking about manually paying more than one invoice at a time, and creating a remittance advice that has multiple items on it. There is absolutely nothing complex about it and I don't understand at all why this really simple fix isn't just done.
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Alex Axentiev commented
Hi all,
There are several providers for this already around the world - check certified Payments apps in the Xero marketplace in your region.
HedgeFlows for instance can do payment runs in 30 currencies, help save on fx conversions and SWIFT fees, as well as help automate currency cost and risk management for larger businesses.
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Aleksey Letimin commented
I am ready to pay right now for these feature, why it is so big problem to implement it?
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Trish Scally commented
This idea is nearly 10 years old!!! My god, Xero, will you ever do it??
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Mandy Ross commented
It would be great to have the ability to have bank upload files with international bank details for international clients and those making payments abroad.
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Blake Biffen commented
ASAP
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Sarah Lumb commented
Yes its a nonsense that Xero have not added this feature yet. If you truly want to serve the globe then you need to invest in these very basic issues.
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Nicole Spiridon commented
Hi There,
We are a recruitment business paying a lot of contractors in EUR as well as having clients paying us in EUR and probably in the future USD as the area of trading will extend.
It is vital to be able to make electronic international payments from our bank currency bank account which at the moment it is not possible, this is done manually by creating templates on the bank portal and then allocate the payments against the supplier. So just paying the currency supplier requires a lot of time consuming.Also we would expect to be able to create a file for international payments to be able to upload it on to the bank like we can do for the local currency. All supplier have already the financial details in Xero so why is it so difficult to be able to create a bank file for the currency suppliers?
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Mandy Cooper commented
Multi Currency (Foreign Currency) bills being able to be included in a batch payments, or a way to send remittance for multiple multi currency invoices in one go.
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Linda Abbott commented
Very critical, I have 300 entries in various currencies that the owner has paid, previous accountants posted them to accounts payable, I need to get them to the owners drawings account, but there is no way of doing it other than by making 300 entries. What a terrible waste of my time.
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Andreas Scriba commented
The split between the treatment and process of local versus foreign bills is causing lots of frustration for our clients. They would like to be able to follow the same process for all their bills. They rely on the batch payment facility for all their local bills. However, it has happened on several occasions now that bills were double paid, due to the fact that the bank statement had not been imported and reconciled because the bank has two factor authentication so we cannot use bank feeds. This is a big operational problem for AP management.
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Mike Tebbutt commented
We are a UK business where our 2 main suppliers are in the USA. We receive 10s of bills from each per month. They both expect a remittance advice when we make a payment. We typically pay 20-30 invoices each payment run. Currently we have to create a payment for each individual bill. The supplier certainly doesn't want 20 individual remittance advices!
There doesn't need to be a clever export file for then bank for the foreign payment. Just the ability to select a group of foreign bills to pay as a batch, and then send one remittance advice covering all the bills included in that payment.
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Vinusha Somasundaram commented
Kindly do consider bringing in this feature, this saves up alot of time paying foreign currency bills individually.
As many deal with foreign currency transactions, this feature is vital for the future. -
Louise Bagatelas-Allen commented
Please can you add the batch payment option to multi currency bills, at the moment we have to wait for the transaction to show on the bank statement and then clear the bills.
At the Pay Bill screen, it should be ok to chose a number of bills to batch pay and send remit to the supplier no matter what the currency of the bill. -
Himanshu Patel commented
The only reason we use premium plan because we need to use multiple currency but the basic feature is not supported. this is the must have features for us.
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Nathan Sobel commented
So glad someone suggested this. Now, when the director pays 8 bills he has to Whatsapp me a picture of which ones he has ticked.
Its so primitive compared to the rest of the experience. -
Renee Neville commented
This is huge for our business. We currently have AUD as our primary and USD and NZ as our foreign currency. We buy in USD and Sell in USD so i dont see why you are unable to do a batch payment. It takes my office girls so much time to do the payments as well as not being able to send a remittance directly from Xero is so unprofessional.
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Victoria Banks commented
IBAN/SWIFT is a standard international bank account numbering system. Bank account/sort code is limited to the UK or maybe other countries too? Surely Xero should allow IBAN numbers be added. Isn't it a simple field change? Xero has done well to allow multi-currency invoices/bills but to have the ability to receive payments in at least Euros and US dollars (& any other major currencies) would really expand the XERO customer database!
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Neil Gabbie commented
On the reverse side, we receive payments to clear EUR invoices in our GBP account, when they are marked as paid via the reconciliation screen, the system will close the invoices but the reporting of the batch deposit transaction is completely confused by the currencies. Being unable to recognise cash in and out in foreign currencies is not really multi-currency functionality. Let's have a fix, please :)
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Sarah Lumb commented
I have 6 foreign currency accounts and it is a nonsense that you cannot make batch payments.
Xero please sort this out as it wastes such a huge amount of time entering in manually and not being able to provide a relevant remittance advice is unprofessional.