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Multi-currency from Xero to QuickBooks Online using Dataswitcher

by Intuit Updated 7 months ago

Dataswitcher converts some systems in home currency (such as Xero). For example, Xero allows a customer or supplier to have invoices or bills in different currencies. QuickBooks Online only allows invoices in the same currency as the customer or the supplier. In the case of Xero, there is no way for Dataswitcher to correctly retrieve the correct balances on foreign accounts.

In this case, Dataswitcher converts all amounts in home-currency. After the conversion, you have to follow three post-conversion steps to correctly to reflect the amounts.

The conversion in home-currency will always be correct, but since there is no foreign currency in the destination system, there will be no currency gains or losses in the destination system.

You might notice a difference in the currency as it may have fluctuated since the conversion.  It's important to remember that the difference in gain or loss (depending on the currency) will not be converted to QuickBooks Online.

Here is what you need to do ensure your multi-currency is enabled:

  1. Select the Gear icon at the right hand side, choose Accounts and Settings, then select Advanced.
  2. Create a new account for the currency that is applicable for you.
  3. Transfer the amount (include a memo to remind you it's related to the conversion).
  4. Calculate the conversion.
  5. Revalue the account using a journal entry. You can align the amounts in foreign currency.

From now on, QuickBooks Online will track your foreign currency accounts like built in accounts.

If you need more information on Multi Currency, see About Multi-currency.

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