Xero Multi-currency

This help article discusses how to approach a job which uses multi-currencies on Xero.

There are two options for a multi-currency Xero sync however best practice is that you use the normal Xero sync option on Silverfin, as this provides you with the full nominal activity and usual functionality.

What do to do if the "Xero - only TB (FX)" sync has been used previously

If the file has previously used a "Xero - only TB (FX)" sync there are a couple of steps to take to switch it to the normal sync.

Edit client – Sync – select ‘Switch from current automatic sync to a new automatic sync’. Then, chose the first day of period you are working on.

Select the ‘Link with Xero connection’ and follow the process as usual. 

The file will likely be unbalanced by under £1. This is simply FX rounding, and you should put a note on the file to explain that this is an FX difference due to the way the Xero sync works. BA admin will allow these submissions, where an explanatory note is on the file. 

How to account for the FX movements

Any accounts in Xero where there are unrecognised foreign exchange movements, will not agree between Silverfin and Xero. To account for the foreign exchange movements you need to calculate the differences and post a journal into Silverfin. 

To do this, you will need to compare the Xero TB with the Silverfin TB and this will generate the journal you need to post. The differences will most commonly come from debtors, creditors and bank.

VAT + Management Accounts clients

Instead of proceeding to post the FX journal in SF for every month/quarter, simply show the difference on the debtor/creditor reconciliation with an explanation, see example noted below.

The FX differences will be accounted for in the year end accounts preparation.

NOTE: If there is anything in this help article that needs updated please get in touch with the Silverfin Experts.