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Multi-Currency (beta): Entering foreign currency bills

Once the foreign vendor record has been setup for foreign currency bills, enter the amount in the local currency of the vendor.

  1. From the Vendor's record, click New Bill
  2. Enter bill details
    • Invoice Number - any numbers or letters to help the vendor identify the bill
    • Payment Terms - how soon the vendor expects payment
    • Invoice Date - the day the vendor created the invoice
    • Due Date - specific date the vendor expects payment (filled automatically if Payment Terms have already been selected)
    • Amount - the total amount of the bill that needs to be paid
    • Exchange Rate - will be populated with an estimated exchange rate, which may differ at the time of payment
    • Bill Description - statement that explains what the bill is for (for internal purposes only)
    • Note to Payers/Approvers - any information payers and/or approvers need to know
    • Account - Chart of Account to code the bill to
      • If the account does not already exist, click Add new account
      • To code the bill to more than one Chart of Account check the box for Split this amount
    • Any other classifications if enabled
  3. Assign approvers if necessary
  4. Click Save

Foreign_currency_bill.png

 

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 Bill.com
  • Multi Currency sync support is available for QuickBooks Online, QuickBooks for Windows, Xero, NetSuite and Intacct set up to sync in USD currently. 
    • If syncing with QuickBooks for Windows, the Bill.com 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 Bill.com Sync Dashboard (~947 KB)
    • Intacct entities with foreign base currency will be supported soon. Stay tuned!
  • The ability to create foreign currency bills is supported on the Bill.com mobile IOS app for vendors already set up for foreign currency bills via the online version of Bill.com. 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
  • Inbox Virtual Assistant (IVA) does not recognize foreign currency. If enabled, the amount field will be blank for foreign currency bills processed via IVA.
  • With Auto Bill Entry (ABE), foreign currency amounts will be ignored. If enabled, the amount field will be blank for foreign currency bills processed by ABE.

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