How do I create a clearing account in Xero?
updated 22 days ago
Unfortunately, Xero doesn't allow you to in foreign . This means that if Amazon/eBay/Shopify converts to a currency that is not your home currency you will have to take additional steps by using a clearing account.
In the below example, our home Xero currency is GBP, but Amazon converts the Amazon.ca payment from CAD to our USD bank account.
1. In the Accounting menu, select Bank accounts.
2. Click Add Bank Account.
3. Enter a name for your clearing account (e.g., Amazon.ca Clearing Account), then click Add it anyway.
Select the currency of the marketplace the invoices are for. Click here to add your marketplace currency if you haven't already done so.
The invoice payment is now reconciled and the clearing account balance is 0.00. It doesn't matter that your clearing account isn't reconciled, but you can mark transactions as reconciled.