Xero Multi-currency accounts from Scott's Add-ins

Xero Multi-currency accounts from Scott's Add-ins

The add-in now supports Xero multi-currency accounts. If you use the add-in with a Xero organisation that is setup in Xero as a multi-currency organisation, please read the following to understand some of the nuances of using the add-in to calculate balances for these accounts.

We “cache” the transactions for these accounts for an hour. As you may be aware, Xero also updates currency rates once an hour. If you add new transactions that affect these accounts, you may not see the result in Excel for an hour.

Multi-currency accounts can only be calculated using the =SCOTT.GL function. The =SCOTT.XNI value for net income, will include the correct balance for multi-currency accounts.

Realised Currency Gains. A P&L account that the add-in calculates balances just like any non-multi-currency account. Drill down is available for this account.

Unrealised Currency Gains. A P&L account where drill down is not available because Xero does not provide journal entries.

Bank Revaluations. A P&L account where drill down is not available because Xero does not provide journal entries.

Accounts Receivable. A Balance Sheet account where the open invoices are subject to revaluation based changes in the exchange rate. The result in your =SCOTT formula will agree with what you see on a Xero Balance Sheet, which accounts for a current re-valuation of the sub-ledger for currency rates. However, the drill down will show the transactions in the native currency with no effect for currency revaluations.

Accounts Payable. A Balance Sheet account where the open invoices are subject to revaluation based changes in the exchange rate. The result in your =SCOTT formula will agree with what you see on a Xero Balance Sheet, which accounts for a current re-valuation of the sub-ledger for currency rates. However, the drill down will show the transactions in the native currency with no effect for currency revaluations.