The answer is Yes. Synder will sync transactions in foreign currencies to a clearing account in your Xero Chart of Accounts and then transfer the funds to your checking account. The setup for all transactions to be put into one account is ready by default, so there is no need to do anything besides synchronizing transactions in various currencies to check how it works for you.

Please Note: Before you start setting up Synder to deal with multicurrency, make sure that you have multicurrency enabled in your Xero company. For some Xero users, this might mean having to upgrade to a plan that lets your Xero handle multicurrency transactions.

The Flow

Once you connect Synder to Xero, it creates a clearing account under your Chart of Accounts in your base currency (the account can be called Stripe Bank Account, Pin Payments Bank account, etc.) – or you can choose the bank type account that you used previously.

When Synder synchronizes a transaction in whatever currency to Xero, it will create an invoice with payment to account for the income part of the transaction; and a bill with payment to account for the expense part of the transaction (i.e., commissions and fees); in the case of refunds, it will create a credit memo and a payment.

All transactions in all currencies along with exchange rates will be synchronized to this single account and converted accordingly. The exchange rates are taken straight from your payment platforms if the transaction contains them; if there is no information about exchange rates coming from your payment platform, the built-in Xero exchange rates for the transaction date will be used.

Hooray, you are all set and ready to sync transactions in multiple currencies in Xero!

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