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Banking & chart of accounts: Reconciliation

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Reconciliation - Auto match with foreign currency transactions

Matching foreign currency transactions - Bills that have been approved in a foreign currency should be checked and matched against local currency transactions. These are very common in credit card transactions for online service subscriptions.

Also, the default setting to only match to local currency should be removed, or the user should be able to chose the default setting.

13 votes

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Neil Baker shared this idea  ·   ·  Report…  ·  Admin →
Feedback  ·  AdminDavina Roper (Admin, Xero) responded  · 

Thanks so much for taking the time to share this feedback 🙏 I appreciate how time-consuming it can be when foreign currency subscription payments need to be matched manually each month.

To help us better understand this idea, and make sure the workflow is clear for our product team and for other customers who may want a similar process reviewed, could you share a bit more detail about how you're currently reconciling these payments?

It would be especially helpful to know:

  • what type of account the payments are coming from, for example a business credit card or foreign currency bank account
  • whether the bills are created in the supplier's currency and paid from the same currency or a different one
  • what steps you're currently taking on the Reconcile tab, including whether you're using Find & Match, transfers, or a clearing account
  • where the process becomes manual or doesn't match as expected

Any extra detail you can share will help us better understand the workflow and the changes that would make the biggest difference 💙

Show previous admin responses (1)
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  • Marinus Wassenaar commented  ·   ·  Report

    Problem: Our organisation has over 60 monthly subscription in foreign currency that is paid through our business credit card account and the foreign currency amounts aren't matched properly causing manual matching.

    Solution: Firstly improve the reconciling so that the forex amount on the invoice is converted at the forex rate and appears on the bank recon screen in green. Secondly add functionality that all bills are separated between which accounts they are to be settled from so that they show up green in the bank recon screen in the bank account they were selected to be paid from

  • Scott Pollok commented  ·   ·  Report

    Strong agree with this request.

    Adding an option for "Show [account currency] items only]" has been requested many times - see https://productideas.xero.com/forums/939198-for-small-businesses/suggestions/44988664-bank-reconciliation-untick-show-currency-item. Comment and mark as important to keep this coming up on PD team's radar.

    If there's a concern for auto-match with foreign currency in prompting incorrect matches, in addition to a fuzzy converted amount (and date logic) match, the rule could require a match with one of payee name or reference. That would significantly expedite our reconcilliation process.

  • Hans de Ruiter commented  ·   ·  Report

    Yes, please! I have quite a number of foreign transactions via Stripe, and having to manually match them is a pain. I both hope to increase the sales volume, and shudder at the thought of having to manually match way more transactions...

  • Krystal Butcher commented  ·   ·  Report

    Better user experience for reconciliation of multiple currencies.
    When reconciling Xero won't automatically match with invoices of a different country (other than AUD). Xero should be able to find invoices that have been entered in a foreign currency and match it with transactions that come through as paid.