Managing Multiple Currencies in Xero

uCollect does NOT officially support the use of multiple currencies.  When we process transactions we limit the invoices that we process to invoices with the same currency as the settlement bank account.

uCollect will work with any currency, and even with multiple currencies, but there are some limitations that can cause serious problems if not managed properly.  These limitations are to do with the way that Xero processes transactions that are not in your base currency.

Here is how to setup uCollect and Xero to make multi-currency the most efficient:

  1. Make sure that you have separate Xero bank accounts for each currency you invoice in.  If your foreign currency amount is converted upon settlement then you will need a fake bank account in that currency to receive the payment records.  For example, if you send invoices in USD and CAD through Stripe, you should create a Stripe Clearing account (Xero bank account) for each of these two currencies.
  2. Setup a new instance of the gateway in uCollect for each currency.  Make sure that you mark the Pay Now title of each one with the currency (e.g., “Credit Card (USD only)” and “Credit Card (CAD only)” and choose the correct Xero clearing account.
  3. If your merchant account automatically converts currencies to your base currency you will have to manually manage this in Xero.  This is usually easiest done in total for each settlement amount.  Calculate the billing currency total, and the base currency total, and then create a transfer record in Xero from the billing currency clearing account to the base currency clearing account.  For example: If you have invoiced USD1000 that Stripe has auto-converted to CAD1400 you would need to set up a transfer from the USD Stripe clearing account to the CAD Stripe Clearing account.

Watch the video walk through below.

Did this answer your question? Thanks for the feedback There was a problem submitting your feedback. Please try again later.

Still need help? Contact Us Contact Us