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.
Please Note: The 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.
Xero (Premium Plan)
1/ Click on your company name and then choose 'Settings'
2/ On the settings screen, click on 'Currencies' in General section
3/ And 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 bellow and click on 'Save'
Below articles provide guidelines on how to handle and reconcile foreign currency settlements in Xero/QuickBooks Online:
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?"
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"
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