How to use multi currency in Xero

Annette Ferguson

Annette Ferguson

How to use multi currency in Xero

On any of the Xero Premium plans, you can add as much currencies as you need to operate in. Set them up in advance by going into Currency Settings in Xero.

Or you can add them as you go straight from the transaction.

Add foreign currency bank accounts that can pull you bank activity into Xero just like you local currency bank accounts.

Easily create foreign currency invoices using the automatically updated exchange rate or an agreed rate you can enter manually.

You can hover over a currency code and instantly see that latest  currency exchange rates. Reports are automatically revalued in your local currency and the  relevant exchange rates are added to the report as footnote.

Your balance sheet will revalue your bank accounts, accounts payable and accounts receivable in real time to provide you with a complete and accurate financial position.

The Foreign Currency Summary Report shows an overview of your foreign currency exposure, along with your realized gains and losses and your bank account revaluation.

That’s how to use multi currency in Xero.

Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!

I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!

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