ReckonOne Multi Currency

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  • Updated 3 months ago
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I am issuing invoices in both USD and AUD.

Can you please advise how best to manage invoicing in two currencies?

I already have bank accounts in both currencies.

While I see there are multi currency guides for other Reckon products, the same options don't appear available for Reckon One.

(While waiting for this information, I have issued invoices to USD clients without the currency shown. Reckon One has this registered as AUD but USD will be deposited into my account. I'm expecting to have to edit the invoice to match the payment amount once it's received, which doesn't seem like an ideal process.)
 
Thanks, 

Dylan
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DJ Hartmann

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Posted 3 months ago

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Candii, Accredited Partner

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Good Morning Dylan,

Reckon one doesn't have multi-currency facilities, Reckon Desktop Premier & Reckon Enterprise & Reckon Hosted most certainly do have these features.

Kind Regards

Candii
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DJ Hartmann

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Thanks for your confirmation Candii.

Does the process I described above seem appropriate until Reckon One allows multiple currencies?
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Candii, Accredited Partner

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Hi Dylan,

The process you have mentioned above would be quite cumbersome, lots of manual calculations, my best suggestion would be to consider using the Reckon software that can manage multi currency for you and automate the process a little better. 
It would be worth considering the amount of OS transactions that are occurring, and also the possibility of error when sending invoices if not showing the correct amount.

Hope this helps you out.

kind Regards

Candii
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DJ Hartmann

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Thanks again for your reply. 

Unfortunately I've bought Reckon One and use a Mac, so the online version is ideal. Just have to wait for the update!

Regarding calculations, none are necessary. The invoices are already issued in "$" and for everyone else in the world this means USD. Once the payment arrives in my Australian bank account I can simply update the invoice to reflect the amount received on that day.

I receive less than 10 international deposits monthly, so overall it's not so cumbersome. I can see how this could be if there were more transactions to deal with.

Thanks again,

Dylan