Multi-Currency (beta): Setting up an International vendor for foreign currency bills
Multi-Currency is the ability to enter a bill in foreign currency.
This feature is available for Payables only and is not available for Receivables.
Setting up an International vendor to enter foreign currency bills
- Click Edit on the International vendor's record
- In the Enter bills in field, select the foreign currency to enter bills in
- Defaulted to USD - United States Dollar
- This setting cannot be changed once a bill is entered for the vendor in the currency selected
- Click Save
Things to know
- Once Multi currency is enabled, it cannot be disabled
- For accounts syncing with QuickBooks Online, QuickBooks for Windows, Xero or Intacct, if Multi-Currency is NOT enabled in the accounting software, foreign currency Vendors, Bills and Payments will NOT sync. Entries will need to be manually entered into the accounting software if needed.
- For accounts syncing with NetSuite, Multi-Currency must be enabled in the accounting software to use Multi-Currency in Bill.com
- If syncing with QuickBooks for Windows, the Bill.com sync dashboard will need to be upgraded. If the sync dashboard is not upgraded, foreign currency vendors & bills will sync to QuickBooks for Windows as USD. Download the new Bill.com Sync Dashboard (~947 KB)
- The ability to create foreign currency bills is supported on the Bill.com mobile app for vendors already set up for foreign currency bills via the online version of Bill.com, both IOS and Android.
- Foreign currency setup for International vendors is not currently supported within the mobile app
- Multi Currency is not supported with recurring bills setup or Auto pay
- Payments can be made from your USD bank accounts. USD equivalent for your foreign currency bills will be shown to you at the time of payment and your accounts will be debited for the USD dollar amount.
- If an international vendor record has been set up for foreign currency bills to be entered, they can only be paid in foreign currency
- If an existing vendor record has any USD bills associated to it, a new vendor record will need to be set up in order to enter foreign currency bills because once a bill is created the Billed In/Enter Bills In field is locked
- We recommend naming these vendors differently. For example, < Vendor name >(USD) and < Vendor name >(foreign currency acronyms)
- These duplicate vendor records should not be merged
- Bill.com does not allow bills with different currencies under the same vendor record
- If merged, all bills will change to the currency selected to be kept
- Bills where currency is changed will cause sync errors, if Multi-Currency is on in the accounting software, because it no longer matches the currency in accounting software