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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Alex Axentiev commented
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Claire Wilkinson commented
We don't need to make actual payments via Xero (these are set up and approved separately in our bank), however we do need to mark multiple foreign currency bills as paid in Xero (and send out a remittance advice). Is this covered in the fix you are working on?
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Tony Rishi commented
@ Kelly Munro (Community Manager, Xero).
I have completed the form twice to join the beta, there is no option in my Xero dashboard to join.
I don't understand why Xero doesn't allow a CSV file to be created for the Euro payments or have a report function. Then we can use this to import into Barclays.net and pay out from our Euro account.
Under reports there is a Payable Invoice Detail, if I can add the IBAN and BIC then we can create a CSV file and convert this to a SIF file using macros.
Xero is an International organisation many of your subscribers worldwide must be facing the same issue.
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Andrew Stewart commented
This is a very important feature to add/build.
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Pietrowicz David Ali commented
Dear Xero Team, do you have an update about batch payments in foreign currency, is there a development in place? I think it should not a huge problem to enable it also for foreign currency as it works for the base currency, We expanded our company and next year we will again expand, but the missing of such feature brings us to the point, if it is not better to think about, if we should move to a different bookeeping software, because to prepare every month manually single payments, for each supplier will increase the risk to make mistakes, increase with every new client our efforts. We work more than 10 Years with Xero and we love it, it is simple, user friendly, but at some point we will have so much suppliers that the efforts for preparing payments takes at every payment run more than two days, which blocks our ressources,(prepare a list of all payments for approval, than add each payment manually in our bank, check again if there is no mistake,...) We have reach now around 500 suppliers and now it would be critical.
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DIANE MARTIN commented
I WOULD LOVE TO BE ABLE TO BATCH PAY THE FOREIGN CURRENCY INSTEAD OF HAVING TO PAY ALL INVOICES SEPERATE - IT ONLY ALLOWS BATCH PAYMENTS IN OUR BASE CURRENCY :)
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Pietrowicz David Ali commented
Yes, i agree with Andrew, we are a global telecommunication operator, our main currencys are USD and EUR. We dont need an additional payment service like Cresco, which will bring us for every single transaction an additional fee on top. What we need is a bulk payment option for foreign currencys, like it works for GBP. This we import to our Bank accounts and enabled the payments via confirmation. We have added USD, EUR and GBP accounts in Xero, where the automatic feed works, so here we have no issue, but for outgoing foreign currency payments we miss an option for the Bills, which awaiting payments. We must made for each outgoing transaction from our side, a manual payment entry. But with a bulk/batch payment we can import it and save efforts, and reduced the fees from our side, because our bank discount such file payments. We have more departments over the world, all other bookeeping softwares has such features, only in Xero UK it is missing, that is really pitty.
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Ganesh Krupa Daamodaran commented
its a feature we all want. Please provide this feature.
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Harshath Krishnaveni commented
I request the urgent implementation of a foreign currency batch payment option in Xero. Currently, reconciling international transactions is challenging due to the lack of this feature. Our team faces difficulties matching over 50 daily transactions, leading to an extremely time-consuming reconciliation process.
Specifically, we struggle with recognizing claim payments made during international trips or meetings and managing regular vendor supplies (services/materials) with partial or bulk payments. The absence of this feature hinders our efficiency.
I kindly request that the Xero development team prioritize the rollout of this essential feature to streamline our accounting processes. Your prompt attention to this matter would greatly enhance our user experience.
Thank you for considering our feedback.
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Optimus Fintech commented
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Claire Parker commented
I also agree with Andrew. Xero, you have missed the point yet again!
We pay our FX directly through NAB to take advantage of the exchange rate fluctuations. All we want from Xero is the ability to do a batch for those paid invoices so we can send remittance advice on the day and not wait until the following day to reconcile the bank. We also 'pay' a lot of foreign invoices via a clearing account as it comes off our remittance for invoices we've issued. We do not actually make the payment but would like to use the batch method to record it. -
Clare Wilson commented
Agree with Andrew - I don't think making the payments via Xero is the focus - being able to match a payment out of the bank to multiple currency invoices would be the ideal solution.
We pay all our FX suppliers via Convera, we do daily payments which can be 1 to 50 invoices at a time - it is frustrating when you have multiple currencies as we then have to go into each invoice, mark it as paid, then go and reconcile.
If we only pay one currency, we are able to select all of the invoices being paid from the reconciliation screen which is a much quicker process. -
Andrew Finnie commented
I don't believe this is what is being asked for. You seem to be offering a method that relies on payment via Xero's chosen provider Crezco. What we need is the ability to batch foreign payments in USD or EUR from an existing GBP bank account in Xero. This would mean we can post payment and send remittances when making payments, rather than having to wait for the GBP payment to show up in the bank feed and reconcile it so the payment is posted and remittances become avaialble.
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Kelly Britton commented
Where’s the form for Beta?
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Antona burgras commented
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.
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Lee Mathers commented
Adding our vote to this feature. It is somewhat amazing that Xero charges a preimum for its service, but then ignores pretty simple and basic functionality for years. The first comment on this feature request dates back over 2 years.
Possibly part of the frustration with Xero is that there's zero road map or information provided to its user base as to when these features are likely to be considered, built, tested, released etc. So that builds resentment.
But there's obviously enough new customers signing up that they don't care if they start to lose some because features like this never get built and they treat us like mushrooms with respect to communcation.
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TRINET FINANCE commented
Is there any update on the functionality for multicurrency batch payments of foreign currency bills? This is a fundamental feature that should be provided, especially given our subscription.
It is extremely time-consuming to process foreign currency payments one by one. Could you please clarify what the software development team is doing to address this issue?
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Jo Davison commented
I can't believe that this hasn't been sorted out. How else can we get a batch payment file to upload to the bank Xero? Is it on a road map anywhere yet? It is fundamental for most firms already paying for your foreign currency plan
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Danielle Hammac commented
This is a critical need. The inability to batch pay foreign currency creates a significant bottleneck for our clients with international activity. So much so that we are considering not using Xero for these clients as other platforms do this (and foreign currency JEs). The time it takes for our team to work through and around these limitations is significant and clients are not happy with the passed-on billing costs of our extra time.
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Monica Brewer commented
We have been processing payments in Foreign currency pretty much since we moved from MYOB to Xero.. The fact that we cant process a batch payment when you can process single invoice payments is beyond ridiculous and a big disadvantage when our overseas suppliers need a remittance to be sent with the payment. Makes Xero look unprofessional