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Multi-Currency (beta): Setting up an International vendor for foreign currency bills

Multi-Currency is the ability to enter a bill in foreign currency. This feature is available by request from an Admin or a user with Manage Company permissions, via Support, for accounts using our International Wire Payments feature.

This feature is available for Payables only and is not available for Receivables.



Setting up an International vendor to enter foreign currency bills

      1. Click the Edit icon on the International vendor's record
      2. In the Billed In field, select the foreign currency to enter bills in
        • Defaulted to USD - United States Dollar 
          • This setting cannot be changed once a bill is entered for the vendor in the currency selected
      3. Click Save 


Things to know

      • Multi-Currency will only be available for orgs using International Wire Transfers
      • Once Multi currency is enabled, it cannot be disabled
      • Multi-Currency must be enabled in the accounting software to use Multi-Currency with If Multi-Currency is not enabled in the accounting software the sync will stop working.
      • Multi Currency sync support is available for QuickBooks Online, QuickBooks for Windows, Xero, NetSuite and Intacct. 
        • If syncing with QuickBooks for Windows, the sync dashboard will need to be upgraded. If the sync dashboard is not upgraded, foreign currency vendors & bills will sync to QuickBooks for Windows as USD. Click here to Download the new Sync Dashboard (~947 KB)
      • The ability to create foreign currency bills is supported on the mobile app, both IOS and Android, for vendors already set up for foreign currency bills via the online version of Android coming soon!
        • Foreign currency setup for International vendors is not currently supported within the mobile app
      • Multi Currency is not supported with recurring bills setup
      • Payments can be made from your USD bank accounts. USD equivalent for your foreign currency bills will be shown to you at the time of payment and your accounts will be debited for the USD dollar amount.
      • If an international vendor record has been set up for foreign currency bills to be entered, they can only be paid in foreign currency
      • If an existing vendor record has any USD bills associated to it, a new vendor record will need to be set up in order to enter foreign currency bills because once a bill is created the Billed In/Enter Bills In field is locked
        • We recommend naming these vendors differently. For example, <Vendor name> (USD) and <Vendor name> (foreign currency acronyms)
        • These duplicate vendor records should not be merged
          • does not allow bills with different currencies under the same vendor record
          • If merged, all bills will change to the currency selected to be kept
            • Bills where currency is changed will cause sync errors because it no longer matches the currency in accounting software