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Foreign Exchange (FX) Payments with Integrations
Foreign Exchange (FX) Payments with Integrations
Jessica L. avatar
Written by Jessica L.
Updated over a week ago

Foreign Exchange (FX) Payments with Integrations

This help article covers how the Foreign Exchange payment transaction integrates with QuickBooks Online, Xero, and QuickBooks Desktop

Summary:

Accounting System

Integration Available

Supports Multi-Currency

QuickBooks Online

Yes (Beta)

No

Xero

Yes (Beta)

No

QuickBooks Desktop

No

N/A

QuickBooks Online

In the Beta version of the integration from Corpay One to QuickBooks Online for Foreign Exchange payments, the integration works as follows:

  • Assumes the QuickBooks base currency is in USD

  • Assumes the Vendors base currency is in USD

  • Does not consider if Multi-currency is turned on or off

The integration will sync to QuickBooks as follows:

  • If the Vendor is set up in Corpay One in a Foreign Currency, the bill and payment will sync to QuickBooks in USD

  • With the Foreign Exchange spread the Bill Amount will not equal the Payment Amount

    • Users should expect to make the necessary manual adjustments in QuickBooks to account for the bill and payment difference

Xero

In the Beta version of the integration from Corpay One to Xero for Foreign Exchange payments, the integration works as follows:

  • Assumes the Xero base currency is in USD

  • Assumes the Vendors base currency is in USD

  • Does not consider if Multi-currency is turned on or off

The integration will sync to Xero as follows:

  • If Xero has Multi-Currency included in the subscription, if the Vendor is set up in Corpay One in a Foreign Currency, the bill will sync to Xero in the Vendor’s currency

    • While in Beta, the payment for a Vendor set up in a Foreign Currency will not sync to Xero. An integration error may occur. A manual entry is required.

  • If Xero does not have Multi-Currency included in the subscription, if the Vendor is set up in Corpay One in a Foreign Currency, the bill will sync to Xero in USD.

    • While in Beta, the payment for a Vendor set up in a Foreign Currency will not sync to Xero. An integration error may occur. A manual entry in Xero is required.

  • With the Foreign Exchange spread the Bill Amount will not equal the Payment Amount

    • Users should expect to make the necessary manual adjustments in QuickBooks to account for the bill and payment difference

QuickBooks Desktop

Foreign Exchange bills and payments currently do not integrate with QuickBooks Desktop.

Do you have feedback on using Corpay One’s Foreign Exchange feature? We would love to hear from you.

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