...but it seems to attempt to properly calculate currency gain/loss by changing the credit note date to match the invoice date when the prepayment credit is actually applied. As far as I understand this only works when folks are prepaying on an invoice by invoice basis where the prepayments closely align with individual invoices. If you have one prepayment applied to many invoices I guess you would need to manually create a ton of credit notes (one per prepayment+invoice-credit combo) in order to get the currency gain/loss calculated correctly.
In my experience many European and US companies run prepaid accounts where many invoices over time may be credited off a single prepayment. Annoying but they won't switch to invoiced billing until you hit a certain scale.
Would be really great if this feature gets implemented soon as it will save a ton of work. We are making changes to which vendors we work with because of the complexity on the Xero end...not a great sign. Maybe the days of Xero being ahead of the curve for SMEs are over.
Matt P
supported this idea
·
There is some advice on a work-around here:
https://central.xero.com/s/question/0D53m00009LQ0DnCAL/prepayments-in-a-foreign-currency
...but it seems to attempt to properly calculate currency gain/loss by changing the credit note date to match the invoice date when the prepayment credit is actually applied. As far as I understand this only works when folks are prepaying on an invoice by invoice basis where the prepayments closely align with individual invoices. If you have one prepayment applied to many invoices I guess you would need to manually create a ton of credit notes (one per prepayment+invoice-credit combo) in order to get the currency gain/loss calculated correctly.
In my experience many European and US companies run prepaid accounts where many invoices over time may be credited off a single prepayment. Annoying but they won't switch to invoiced billing until you hit a certain scale.
Would be really great if this feature gets implemented soon as it will save a ton of work. We are making changes to which vendors we work with because of the complexity on the Xero end...not a great sign. Maybe the days of Xero being ahead of the curve for SMEs are over.