Accounting Solutions

[Aaron Elliott]

I have searched the forums and the internet and tried various accounting that properly supports multi currency however I'm at a loss. Software like xero, wave accounting, myob online will not work as needed for mutlicurrency sales. All I need is a solution that can manage USD and AUD payments in paypal and reconciliation them properly with the bank transactions. Is anyone out there using something that works?

I also tried nominal account but this just freezed up when trying to import paypal...

[chexton]

Interesting point you bring up. We aren't yet what you're looking for (http://invc.me) but perhaps will be one day soon. You can easily invoice people via Paypal and we're upgrading our reports to capture the values you're after. Bank account reconciliation (Xero-style) is a way off, but would be cool in the future . Perhaps you can make do if the software could show you all of your bills in AUD? Then you could match it up yourself?

Chris

[nominal]

Originally Posted by Aaron Elliott

I also tried nominal account but this just freezed up when trying to import paypal...

Thanks for trying Nominal - I am sorry that this did not work as you expected.

I am using this on an ongoing basis and it works mostly ok. You should try to limit the time period for which you want to synchronize especially if you have many transactions because each transactions needs to be manually retrieved from their API.

In addition please note that Nominal does not support multi currency but we do support the PayPal US conversion in case you account is in AUD. (So any conversion done by PayPal will be refelected in the imported record)

Let me know if you want to give this another try and I will try to help at support@nominal.com.au

Thanks,
Uri

[Dardee]

Originally Posted by Aaron Elliott

I have searched the forums and the internet and tried various accounting that properly supports multi currency however I'm at a loss. Software like xero, wave accounting, myob online will not work as needed for mutlicurrency sales. All I need is a solution that can manage USD and AUD payments in paypal and reconciliation them properly with the bank transactions. Is anyone out there using something that works?

I also tried nominal account but this just freezed up when trying to import paypal...

I have a client who is in the same situation as you. We have set his file up with some rules and a few extra accounts. It works for him. It took a little time to get it right but its all good now and he looks after it all himself except for the odd transaction.

Issues of this type need to be assessed on a case by case basis as they are always different in some way. So what may work for one person, may not for another.

[akagrp]

Hello Aaron

How have you setup your PayPal Accounts in accounting system? Each currency you accept in PayPal should be created as a separate paypal bank account

What you need to make sure you have setup correctly is Exchange Gain/Loss Currency account

You may want to checkout sassu if you feel xero is not suitable
though likely your issue can be resolved in xero if setup correct to meet your needs

[Rhys]

Originally Posted by Aaron Elliott

All I need is a solution that can manage USD and AUD payments in paypal and reconciliation them properly with the bank transactions. Is anyone out there using something that works?

Hi Aaron,

Can you provide more detail on what it is that Xero is not doing that you need? I have a number of clients running Xero / billing in multicurrency / taking payment via Paypal and it seems to work for them (but as Darren comments above what works for one may not work for another).

Cheers, Rhys

[Aaron Elliott]

Originally Posted by Rhys

Hi Aaron,

Can you provide more detail on what it is that Xero is not doing that you need? I have a number of clients running Xero / billing in multicurrency / taking payment via Paypal and it seems to work for them (but as Darren comments above what works for one may not work for another).

Cheers, Rhys

To be honest I cant remember what trouble I had with Xero it was almost a year ago. I emailed quicken asking if they had a product that would work for my situation however no reply... It honestly cant be that hard to have accounting software to deal properly with 2 currencies? Last year I used an excel sheet which is a nightmare for manual entry.

[Rhys]

Originally Posted by Aaron Elliott

To be honest I cant remember what trouble I had with Xero it was almost a year ago . . . It honestly cant be that hard to have accounting software to deal properly with 2 currencies? Last year I used an excel sheet which is a nightmare for manual entry.

Hi Aaron, I agree it shouldn't be hard to run 2 (or more currencies) in an accounting package. I think Xero handles this pretty well, it certainly works for the clients I have who use it. If you want to take another look some time feel free to get in touch, happy to talk to you about this,

Cheers, Rhys

[namba]

Originally Posted by Aaron Elliott

I have searched the forums and the internet and tried various accounting that properly supports multi currency however I'm at a loss. Software like xero, wave accounting, myob online will not work as needed for mutlicurrency sales. All I need is a solution that can manage USD and AUD payments in paypal and reconciliation them properly with the bank transactions. Is anyone out there using something that works?

I also tried nominal account but this just freezed up when trying to import paypal...

Have you looked at QuickBooks? They claim to support multicurrecy, but I have not had the need to test it.

[alwaysonbooks.com]

Originally Posted by Aaron Elliott

I have searched the forums and the internet and tried various accounting that properly supports multi currency however I'm at a loss. Software like xero, wave accounting, myob online will not work as needed for mutlicurrency sales. All I need is a solution that can manage USD and AUD payments in paypal and reconciliation them properly with the bank transactions. Is anyone out there using something that works?

I also tried nominal account but this just freezed up when trying to import paypal...

Did you look at saasu ?