Foreign Currency - Option to select the currency when applying payment to bill
When recording a payment for a bill - when paid in a foreign currency - the field always asked for USD1= foreign currency amount. Rather than have to compute the exchange rate, it would be good to a) have the option to reverse the exchange rate (i.e. foreign currency1=USDx) or b) just to put in the amount of the USD transaction and have xero calculate the exchange rate that was applied.
Karen Campbell
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Thanks for sharing this idea 💡
We understand the request is for Xero to automatically work out the exchange rate when applying a payment to a bill from a bank account in a different currency, instead of asking the user to enter it manually.
At the moment, this isn’t something Xero handles in the record payment flow. If the payment account currency is different from the bill currency, Xero needs an exchange rate so it can record the payment back to the organisation’s base currency and calculate any FX gain or loss.
With the way multicurrency works today, Xero only supports making the payment in either the organisation’s base currency or the bill currency, so choosing a separate payment currency in that flow isn’t currently supported.
As a workaround, if the bill is in the organisation’s base currency and the payment is made from a foreign currency bank account, Xero calculates the exchange rate when the transaction is reconciled in the Reconcile tab 🔄
We’ve moved this to feedback for now, as this would need a broader change to how multicurrency payments work rather than a small update to the current payment screen.
