The short answer is Yes. Synder will sync transactions in foreign currencies to separate clearing accounts in your Xero Chart of Accounts and then transfer the funds from each of them to a respective checking account. Here is what you need to do to enable and set up this feature.

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.

Please Note: To set up multicurrency transactions synchronization properly, you need to have separate bank accounts for each currency.
If you have a bank account only in your home currency and your payment processor converts payments from your clients, Xero will not allow Synder to record the correct exchange rate for Receive Money transactions (due to Xero API limitation). You will see them with Canceled status in Synder and they will not show up in your Xero in order not to mess up your books. All the other transaction types (invoices, payments, etc.) will go through with correct exchange rates, though.

Creating Accounts in Xero

Xero allows you to record transactions in a certain currency on separate clearing accounts in your Chart of Accounts. You will need to go to your Xero Chart of Accounts, create a new Bank type account in Xero for each currency (e.g., Stripe Bank Account – CAD, Stripe Bank Account – EUR, and so on).

Creating-Accounts-in-Xero

The name of the type might vary from country to country. Look for the word Bank in the name of the Account Type.

Example of the account creation in Xero

Then you will need to go to Synder and choose those accounts as Sales, Fees, Application Fees, and Payouts Bank accounts. Below are the step-by-step instructions with visual aids how to do so.

Setting up Multicurrency in Synder

1. Go to Settings.

2. Go to the Sales tab.

3. Press Gear icon.

4. Choose any of the currencies that you have enabled in your Xero and specify a Bank account where Receive Money, Sales Credit Notes, and Payments received in each currency will be stored.

5. Repeat steps 2-4 for Fees and Application Fees.

6. Meanwhile, for the Payouts tab you need to have checking accounts (and their corresponding actual bank accounts) for each currency separately; please select all of them respectively.

7. Once you have filled in all the fields, remember to click Update.

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

BACK TO SYNDER 


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