ⓘ This article is for small businesses who use Xero
- Use multicurrency to invoice your customers and receive payments in more than 160 currencies.
- Currency movements display in your transactions and update hourly.
- You need a business edition pricing plan with multicurrency to add foreign currencies in Xero.
About multicurrency
Multicurrency in Xero lets you send invoices, quotes and purchase orders, or receive bills and payments in more than 160 currencies.
Foreign exchange rates from XE.com update in Xero hourly. The official rate of the day (or mid-market rate) is the final rate at 11pm. The time zone you choose in your organisation's financial settings determines when your final rate is set.
Currency movements display on your transactions and in reports. This means you can easily see how changes affect your organisation's cash flow.
You can view balances revalued in your base currency, and your total foreign currency exposure for each currency in the Foreign Currency Gains and Losses report.
To use multicurrency in Xero, you need a trial organisation or a business edition pricing plan with multicurrency.
When you set up multicurrency
When you add an organisation in Xero, you’ll choose a base currency. This is your default currency and is used in most reports. You can't change your base currency after you've added your organisation.
You can then add foreign currencies either by using a trial organisation or a business edition pricing plan with multicurrency.
Add foreign currency conversion balances and run reports to track currency movements.
Multiple currencies can be added, but you can't delete currencies once they’re added.
Report options in multicurrency
To view account balances in a specific currency, you can run the:
To view a list of invoices or bills assigned to a specific currency, you can run the:
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Receivable Invoice Summary report for a summary of receivable transactions
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Receivable Invoice Detail report for line-by-line details of receivable transactions
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Payable Invoice Summary report for a summary of payable transactions
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Payable Invoice Detail report for line-by-line details of payable transactions
To see what you owe and what you’re owed in your base currency, you can run the:
What happens if you downgrade from multicurrency
If you downgrade your subscription and remove multicurrency, you can't translate your Balance Sheet, Budget Variance or Profit and Loss report into other currencies.
If you have draft or custom reports in a foreign currency, these convert back to your base currency. Before reusing these report layouts, check and remove references to the previous currency in titles, text blocks and other parts of the report.
Foreign exchange disclosures will still show.
You’ll need the Xero subscriber to upgrade their plan to get multicurrency on reports reinstated.