Anybody using Reckon Hosted for a European business

Barbara.Karl

Is anybody using the Reckon Hosted to run a European based business? I like how Reckon uses the Sales Orders to invoices function to see outstanding orders I know I can set up the different VAT rates and by using the foreign currency options I reckon it can be done. Does anybody have any feedback. The QBonline just doesn't seem to have the same functionality. Are there any other issues I should be considering?

John G

Hi Barbara,

Thanks for asking.

Hosted is a multi-currency product so you can run an international business from it.

One great feature is that you can nominate one currency for independent pricing.  For instance, your product in Australia sells for AUD100.00, but in the US market pressure allows you to sell it for US90.00, and not as the converted Australian price (eg USD72.00).

Otherwise, the Australian price is converted at the prevailing exchange rate.  

You can have bank accounts in foreign currencies and make and receive payments from them.  Foreign Customers and Suppliers are tracked in separate A/R and A/P accounts.

Unfortunately you can have only one Tax Agency in a company file.  Therefore you'll need to organise an alternative method to track foreign taxes - eg. use the Net price and add surcharge item for the transactional tax amount linked to a credit card card account that will store the amount in foreign currency rather than a liability account that will show the AUD equivalent value.  (Only some reports will allow you to show the original foreign amount in addition to the AUD equivalent).  

So depending on the complexity of your business and volume of transactions, separate files for different Tax Regimes, setup in that tax regimes's currency, may be warranted.  

Perhaps one of the Reckon Software Development Partner add-ons may have a solution for you? See the Reckon Software Development Partner Catalogue


regards,
John.  

Rangga Djohar

Hi, I am just wondering how do you set up using the VAT rates, I am still struggling to attach the VAT on the invoice. Regards, Rangga