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.
Chris Frankland
shared this idea
Hi team, appreciate wanting an update - I'm pleased to share the beta went well and we've now launched international bill payments for our UK customers, making it easier to pay overseas suppliers.
Using open banking, UK businesses can now securely send money to 180+ countries including Europe (EUR), America (USD) and Australia (AUD). So you don't have to juggle multiple platforms or hidden fees. Whether you're paying a single bill or multiple bills at once, you can authorise payments prepared by your team and easily track which suppliers have been paid.
We’re committed to new ways to expand our bill payments feature for small businesses and their advisors in other regions by leveraging new technologies, where available. I'll keep you updated of any further developments for this, here.
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Sebastian R Miller
commented
This would be a great help for me, as I book three to four batch payments a month from our HQ which is in Germany, hence Euros. These payments can have up to 500/600 indv. bills. This would make the process so much quicker.
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The Wayfairer Team
commented
As a travel business who builds tailor-made trips and pays suppliers all over the world in many currencies, this is a much-needed feature
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Sarah Lumb
commented
Having 6 currencies, this is a total nonsense and waste of admins time and costing money to my business.
Echoing other posters comments
Xero, unlike other similar accounting software, lacks a very important and BASIC functionality of enabling users to record batch payments of foreign currency invoices or bills in 1 step and asks the user to copy the full invoice amount when it can be simply "ticked"
Currently, an "Overpayment" entry needs to be recorded then applied by copying the invoices / bills amounts into the fields on the right hand side of the payment application screen.
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Sonya G
commented
I have a logistics client who has multiple suppliers and clients that deal in UK, KSA and German invoices. They pay and receive funds for multiple invoices at weekly and monthly intervals and being able to do batch payments or deposits would be a massive time saver! Especially when you're dealing with 100s of invoices.
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Nathan Campbell
commented
I have a client who is a Company selling shoes. They have a constant stream of bills coming in from both UK and EU suppliers. The client uses their system along side their online banking to make payments to said suppliers. So they will make a payment on Xero, against their Sterling or Euro Bank account and then send the remittance to the supplier through Xero. Then send the payment to the client through their online banking. The client will pay multiple invoices off at the end of the week so the ability to pay off multiple Euro bills at once is Essential for them
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JIHAD SALIBA
commented
Xero, unlike other similar accounting software, lacks a very important and BASIC functionality of enabling users to record batch payments of foreign currency invoices or bills in 1 step and asks the user to copy the full invoice amount when it can be simply "ticked"
Currently, an "Overpayment" entry needs to be recorded then applied by copying the invoices / bills amounts into the fields on the right hand side of the payment application screen.
Drawbacks:
1. It is time consuming for bookkeepers as it has to be done in a 2-step process instead of 1 step
2. The user functionality in Xero is awkwardly called "Overpayment" (should not be named as such as there is NO OVERPAYMENT whatsoever),it should be simply called a "Batch Payment" as it is -
AdminXero Team
(Admin, Xero)
commented
Ability to have batch pay for multiple foreign currencies.
Purpose: Because some organisations are dealing with foreign currencies, and it’ll save users time to be able to mark a payment in batch for their customers/clients.