Do you have multiple marketplaces in different currencies than your home bank account currency? Is Amazon converting 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.
Please Note: The conversion to your home currency happens in your accounting software.
Whether it is Xero, QuickBooks Online or Sage, all of them have the capacity to automatically calculate the exchange rate and any gains or losses. Turning on the multi-currency option in your accounting software saves you the time of making these calculations yourself and maintains your compliance.
Xero (Premium Plan)
1/ Click on your company name and then choose 'Settings'
2/ On the settings screen, click on 'Currencies' in the General section
3/ Then click on 'Add Currency'
1/ Click on the gear icon in the top right corner and then choose 'Accounts and Settings'
2/ Go to 'Advanced' and then click on the little pencil icon in the 'Currency' section
3/ Select the two check-boxes as shown below and click on 'Save'
4/ Click on 'Manage Currencies'
5/ Add the currency that you need to your list
1/ Click on 'Settings' on the far right of the headers
2/ On the settings screen, scroll down to Financial Settings and click on 'Currencies'.
3/ Tick the 'Enable foreign currency transactions’ check box as shown below and click ‘Save’ at the bottom of the page.
Below articles provide guidelines on how to handle and reconcile foreign currency settlements against Amazon deposits in Xero/QuickBooks Online/Sage:
How does A2X work with QuickBooks Online and third-party payment accounts like Payability or World First and OFX?
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