Multi-Currency: Sync with Accounting Softwares

How will Multi-Currency transactions and vendors sync?


Accounting software versions that do not need Multi-Currency on in the accounting software to sync:

Accounting Software Setting† Multi-Currency Vendors Multi-Currency Bills Multi-Currency Payments
QuickBooks Online (QBO): Multi-Currency Enabled Syncs to or from QBO with the vendor's selected currency Syncs to or from QBO in the bill's selected currency Syncs to or from QBO in the paid currency
QuickBooks Online: Multi-Currency Disabled Syncs to QBO with USD set as vendor's currency Syncs to QBO in USD based on the current exchange rate Syncs to QBO in USD based on the bill's original exchange rate
QuickBooks for Windows (QBW): Multi-Currency Enabled Syncs to or from QBW with the vendor's selected currency Syncs to or from QBW in the bill's selected currency Syncs to or from QBW in the paid currency
QuickBooks for Windows: Multi-Currency Disabled Syncs to QBW with USD set as vendor's currency Syncs to QBW in USD based on the current exchange rate Syncs to QBW in USD based on the bill's original exchange rate

Accounting software versions that do need Multi-Currency on in the accounting software to sync:

Accounting Software Setting† Multi-Currency Vendors Multi-Currency Bills Multi-Currency Payments
Xero: Multi-Currency Enabled Syncs to or from Xero with the vendor’s selected currency Syncs to or from Xero in the bill's selected currency Syncs to Xero in the paid currency
NetSuite: Multi-Currency Enabled Syncs to or from NetSuite with the vendor’s selected currency Syncs to or from NetSuite in the bill's selected currency Syncs to NetSuite in the paid currency
Intacct: Multi-Currency Enabled Syncs to or from Intacct with the vendor’s selected currency Syncs to or from Intacct in the bill's selected currency Syncs to Intacct in the paid currency

‡ If Multi-Currency is disabled for these accounting software versions, all non-USD transactions and vendors in Bill.com will not sync and will need to be manually entered in the accounting software

† Multi-Currency should automatically be enabled in Bill.com. If you do not see the feature, please contact Customer Support

Things to Know

  • Some accounts may not be setup for 2 way sync for vendors and bills, depending on the sync setup; please contact Customer Support if it is not syncing as expected
  • A separate AP ledger will be needed for each type of currency used
    • Depending on the accounting software, this may happen automatically
  • Foreign currency bills will sync, to or from the accounting software, with the indicative exchange rate on the bill, which is just a guideline and may not be the actual exchange at the time of payment
  • The payment will sync with the actual exchange rate
  • If the Multi-Currency feature within the accounting software has been set up properly, the difference between the bill's indicative exchange rate and the payments actual exchange rate will show in the unrealized Gains and Losses report
    • To ensure Multi-Currency is set up properly in the accounting software, reach out to the accounting software support team of your software version, Bill.com Customer Support will not be able to assist with the feature settings there

QuickBooks Online and Windows

  • If you do not enable Multi-Currency in QBO or QBW, bills and payments will sync to QBO or QBW from Bill.com in USD, and a new "Exchange rate gain/loss account" sync preference will be required to account for differences in exchange rate on the date of the bill and the date of the payment. See the articles at the bottom of this page for more details

QuickBooks for Windows

  • To use our Multi-Currency feature, upgrade the sync dashboard to the latest version. If the sync dashboard is not upgraded, foreign currency vendors & bills will sync to QuickBooks for Windows as USD.
    • Note: The sync dashboard requires Microsoft .NET framework 4.6 to run properly. If on .NET framework 4.7 or later, 4.6 may still need to be manually enabled.
    • Download the new Bill.com sync dashboard (~941 KB)

Intacct

  • Payment for a foreign currency bill will cause a sync error because Intacct does not accept future process dates for payments to non-USD bills
    • The payment will sync to Intacct and the sync error will clear itself upon the first sync on or after the payment process date

NetSuite

  • The foreign currency must be manually created within NetSuite. If the foreign currency does not already exist within NetSuite, you will encounter a sync error when a foreign currency object attempts to sync over to NetSuite.