Multi-currency transaction handling automations

Purpose

1.1. Automate recognition, conversion, reconciliation, and reporting of multi-currency transactions for wholesale appliance parts suppliers.
1.2. Eliminate manual currency conversion errors and streamline multi-national accounting.
1.3. Provide real-time, accurate financial reporting across different currencies.
1.4. Support compliance with international accounting standards and local tax requirements.
1.5. Facilitate unified ledger management for cross-border supplier payments and customer invoices.

Trigger Conditions

2.1. New invoice or bill created with non-local currency.
2.2. Payment received in foreign currency.
2.3. Daily or intra-day scheduled reconciliation runs.
2.4. Exchange rate updates from chosen data source.
2.5. Approval of multi-currency purchase orders.
2.6. Generation of month-end or ad hoc financial reports involving currency conversion.
2.7. Manual trigger by a finance team member for ad hoc currency revaluation.

Platform Variants

3.1. Xero
• Feature/Setting: Webhooks for new transactions + Currency API integration for live rates.
3.2. QuickBooks Online
• Feature/Setting: Event triggers for “Invoice Created” and “Payment Received”; configure CurrencyAdjustment API.
3.3. SAP Business One
• Feature/Setting: DI API for journal entries; integrate ExchangeRates API for real-time currency fetching.
3.4. Sage Intacct
• Feature/Setting: Smart Events on GL Transactions; enable Multi-Currency and use exchange rate feeds.
3.5. Oracle NetSuite
• Feature/Setting: SuiteScript to automate currency remeasurement; configure Currency Rate Scheduler.
3.6. Zoho Books
• Feature/Setting: Webhook API with new transaction events; fetch rates via CurrencyLayer API.
3.7. FreshBooks
• Feature/Setting: API trigger for new invoice; link with Open Exchange Rates API.
3.8. Wave
• Feature/Setting: Use Zapier integration for new income/expense in foreign currency; retrieve rates from Fixer.io API.
3.9. Microsoft Dynamics 365 Business Central
• Feature/Setting: Automate via Power Automate flow for invoice events; use ECB reference rate connector.
3.10. Odoo
• Feature/Setting: Automated actions on new invoice model; integrate XE.com API for live conversions.
3.11. Stripe
• Feature/Setting: Webhook on payment_intent.succeeded; auto-convert and sync to accounting system.
3.12. PayPal
• Feature/Setting: IPN (Instant Payment Notification) for foreign transactions; reconcile using API-pushed rates.
3.13. Square
• Feature/Setting: New Payment webhook; configure conversion via ExchangeRate-API link.
3.14. Plaid
• Feature/Setting: Transaction Sync with multicurrency mapping fields; configure for foreign account feeds.
3.15. Wise (formerly TransferWise)
• Feature/Setting: Borderless account webhooks; auto-pull and match exchange rate data for settlements.
3.16. CurrencyLayer
• Feature/Setting: Schedule hourly/daily fetches of exchange rates; push data to ERP/accounting systems API.
3.17. Revolut Business
• Feature/Setting: Instant payment webhooks with currency details; post converted amounts to ledger.
3.18. HSBCnet
• Feature/Setting: Automated report delivery; APIs to export multi-currency statements for reconciliation.
3.19. SAP Concur
• Feature/Setting: Expense claim event triggers; pull rates for travel expenses using exchange rate API.
3.20. Expensify
• Feature/Setting: Automated approval trigger for claims in foreign currency; calculate value using integrated API.
3.21. Google Sheets
• Feature/Setting: Trigger on new row (foreign transaction); use GOOGLEFINANCE or external script for conversion.

Benefits

4.1. Eliminate human error in currency conversion and exchange rate entry.
4.2. Accelerate reconciliation and close periods faster.
4.3. Improve international compliance and audit readiness.
4.4. Deliver instant, multi-currency visibility across supplier, customer, and internal ledgers.
4.5. Cut operational costs through reduced manual intervention.
4.6. Strengthen supplier and customer trust with accurate, real-time multi-currency invoicing and settlements.