Do you have multiple marketplaces in different currencies than your home bank account currency? Do you have Amazon convert the funds from the marketplace currency to your home currency before depositing them to your account? Do you have a service outside of Amazon that converts the funds for you?
If any or all of these apply, then you may be wondering how A2X handles multi-currency.
Since A2X draws directly from Amazon marketplace events, settlements come into A2X in the currency of those marketplaces.
Conversion to your home currency happens in your accounting software.
Whether it is Xero or QuickBooks Online, both have the capacity to calculate the exchange rate and any gains or losses automatically. It is worth turning on multi-currency to save you the time of making these calculations yourself and maintains your compliance.
- In Xero (Premium Plan), go to Settings, then General Settings,
then Currencies under the Features,
and click +Add Currency.
- In QuickBooks Online, search for "How do I turn on Multicurrency?" by clicking the icon below
Then read important information that details of that process.
Xero - To find out how to handle and reconcile foreign currency Amazon Invoices against Amazon deposits:
See "Where do settlements go when A2X sends them to Xero?" Step 4,
QuickBooks - To find out how to handle and reconcile foreign currency Amazon Journals against Amazon deposits:
See "Handling multi-currency Amazon settlements in QuickBooks Online"