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Prepayment - Multi-currency

Ability to create a prepayment in a currency other than the organisations base currency

Purpose: Having a multi-currency prepayment option in Xero will make users’ who are dealing with customers that pay prepaid foreign currency accounts to their business easier.

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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  • Nitin Chandak commented  ·   ·  Report

    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.

  • Agus Tina commented  ·   ·  Report

    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

  • Chris Moody commented  ·   ·  Report

    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.

  • Joshua Welch commented  ·   ·  Report

    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

  • Aleksej Michalik commented  ·   ·  Report

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

  • José De Bardi commented  ·   ·  Report

    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.

  • Justine Waddington commented  ·   ·  Report

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

  • Areg Hovhannisyan commented  ·   ·  Report

    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.

  • SURAN LAMA commented  ·   ·  Report

    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.

  • Paul Blick commented  ·   ·  Report

    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!

  • Jaine Wills commented  ·   ·  Report

    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).

  • Catherine Freemantle commented  ·   ·  Report

    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.

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