Foreign currency purchases in Xero

[@benthompson4641]

Your videos have a brilliant amount of details. I like how you leave nothing to guess. You go and see the result everywhere. Well done it is very helpful 👏

[@XUSolutions]

Thank you for your kind comments - my son is Ben (but 🏴󠁧󠁢󠁳󠁣󠁴󠁿 so Thomson)

[@mandylee3984]

Would you please advise if normally I use USD to record transactions. I have a CNY bill but I paid in USD and HKD to pay the bill as a deposit. What should I do to record it. Thank you very much. Is it possible to make a video to talk about it.

[@anuradha8692]

Thanks for the video.

[@OxanaRazbitnova]

How to revaluate liability in foreign currency (not customers or suppliers but say bank loan)? We get bank loan and repaid it later. Ex.rate was different on both dates. So foreign currency balance is zero but home currency balance is not. Normally in other accounting software I was able to revaluate all balance sheet accounts which would give zero balance in BS in both currencies (home and foreign) . I cannot find such facility in Xero. Does it ever exist? if not, how to sort the issue? Thank you in advance

[@daryladams2755]

Hello, I am looking for some currency assistance. We use Xero and are located in Canada. Our supplier for vehicle parts is located in Canada but they send us parts pricing in USD. When we sell our products we quote and invoice in Canadian dollars. We are looking to upgrade Xero if it will let me do what I need to do. Please let me know if this is doable?

[@imadnaouchi1993]

I meant my Actual payment is different than the exchange rate payment (I Paid more) so I have to register the payment manually so Got it thanks dear

[@XUSolutions]

You're welcome

[@toniluong9311]

Hi Marion, if the invoice is in EURO (Italian Invoice) and it's got 22% VAT on it - I understand that I cannot reclaimed this VAT as I can only claim UK VAT? Also, if I don't have foreign currency in XERO - I just reconcile what is on the bank statement? Hope that makes sense. Thanks!

[@XUSolutions]

It’s a yes and a yes Toni

[@toniluong9311]

@@XUSolutions Thanks Marion, can you advise how I would post a DHL invoice for duty and taxes? what account do I post these to? Much appreciated Toni

[@XUSolutions]

@@toniluong9311 duty - either set up a code for duty costs (if significant) or code to the same place as the item being purchased. For taxes, if you mean VAT then refer to my 'VAT only' video

[@PADDY-he2xe]

Thanks for video just getting started with xero. I’m uk based company and I buy stock from Ireland with Irish vat with I claim back through HMRC gateway. To reconcile these transactions with Irish vat I’m assuming you create purchase order in euro with vat rate and match off Will xero put Irish vat amount value in EU vat account? And keep it separate from normal uk input vat ?

[@XUSolutions]

I’m not familiar with Irish VAT, but my understanding is that you can only have one VAT account in Xero. A second account would need to have transactions entered manually.