All settlements are imported into taxomate and sent to QuickBooks or Xero in the currency of the country marketplace. For instance, if you are selling in the UK the settlement will be sent to QuickBooks/Xero in £ (GDP). While all settlements from the German marketplace will be sent in €(EUR).

The conversion takes place in QuickBooks or Xero.

B. QuickBooks Online

WARNING: Once you turn Multicurrency on in QuickBooks Online, your Home currency is set and cannot be changed.

Turn on Multicurrency

  1. In QuickBooks Online, select the Gear icon on the Toolbar.
  2. Under Your Company, choose Account and Settings (or Company Settings).
  3. From the left menu, select Advanced.
  4. Select the edit (pencil) icon in the Currency section and choose your Home Currency.
  5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Select Save.
  7. The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.
  8. In taxomate, go to Settings > Account. Scroll down and enable multicurrency

Add Currencies in QuickBooks

You can add a currency to the list of currencies you use.

  1. Select the Gear icon on the Toolbar.
  2. Under Lists, select Currencies. Note: This option is available after you turn on Multi-currency.
  3. Select Add Currency.
  4. Select the new currency from the Add Currency drop-down list.
  5. Select Add.
  6. The currency you selected is now added to your list of currencies.

Add a QuickBooks account that uses a foreign currency

The Currency column in the Chart of Accounts shows the currency assigned to the account, and account balances are shown in the account's assigned currency. If no currency is listed in the Currency column, the account is in your company's home currency.

To create an account that uses foreign currency:

  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, select Chart of Accounts.
  3. Select New.
  4. In the Account dialog, select the appropriate Account Type and Detail Type.
  5. Enter a Name for the new account and an optional Description.
  6. Select the foreign currency to assign to the account from the Currency drop-down list,
  7. Select Save and close.
  8. The account is now created, and the assigned currency is listed in the Currency column on the Chart of Accounts.

OPTION A. Xero Accounting

Please note: To use multicurrency in Xero you must have an Established/Business Edition Pricing Plan.

  1. In Xero, click on your organization's name, select Settings, then click Currencies.
  2. Click Add Currency.
  3. Select a currency.
  4. Click Add Currency.
  5. From the currency dropdown in the imported sales invoice (from taxomate), select the currency you want.
  6. (Optional) Edit the exchange rate.
  7. (Optional) Adjust each item’s unit price and tax rate (if applicable) to apply to the selected currency.
  8. Enable multicurrency option in taxomate to complete the process. Go to Settings > Invoice.
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