Question 01
Does it handle realized and unrealized gains?
Both belong in your profit and loss. Check the software calculates each, and when.
Automation · When the books get complicated
Multi-currency accounting software for books that cross borders.
Excello runs multi-currency accounting software for you: foreign currency sales, bills and bank accounts are converted inside your own QuickBooks, Xero or Odoo, and exchange gains and losses are calculated and reviewed by accountants.
Books can be kept in any base currency, and every foreign currency account is reconciled at each close, within five business days as standard.
Dollars, dirhams, pounds or euros, in one set of books.
- Currencies
- Base any currency
- Revalued every close
- Reconciled every account
- Closed within five business days
What is multi-currency accounting?
The basics
How Excello handles foreign currency
Four steps
-
Step 01
Recorded
Foreign currency sales, bills and payments are recorded in their own currency and converted to your base currency.
-
Step 02
Matched
Payments are matched to invoices and bills, and any rate difference is recorded as a realized gain or loss.
-
Step 03
Revalued
At month-end, open foreign balances are revalued and unrealized gains and losses calculated.
-
Step 04
Reconciled
Every foreign currency account is agreed to its statement and the month closes within five business days as standard.
Multi-currency accounting software features
What matters
Most multi-currency accounting features are built into your ledger. The last column is the part Excello adds.
| Feature | What the software does | Excello's part |
|---|---|---|
| Foreign currency bank accounts | Holds each balance in its own currency | Reconciled to its statement at every close |
| Foreign currency invoices and bills | Records sales and purchases in the customer or supplier currency | Recorded and matched to their payments |
| Automatic conversion | Converts each transaction into your base currency | Conversions checked at every review |
| Realized gains and losses | Captures rate differences when payments settle | Recorded as payments are matched |
| Revaluation | Restates open foreign balances at month-end | Unrealized gains and losses calculated at every close |
| Base currency reporting | Presents every statement in your home currency | Reviewed before sign-off |
Multi-currency accounting tools in QuickBooks, Xero and Odoo
Your ledger
All three ledgers support foreign currencies, with a few things to check first.
| Ledger | Where multi-currency is available | Worth knowing |
|---|---|---|
| QuickBooks Online | Essentials, Plus and Advanced plans | Once multicurrency is turned on, it cannot be turned off |
| Xero | Depends on your plan | Check your plan includes multi-currency before trading abroad |
| Odoo | Built into Odoo Accounting | Currencies are activated individually in the settings |
Multi-currency accounting software comparison: a tool or a managed service
Side by side
| What matters | Software you run | Excello |
|---|---|---|
| Conversion | Automatic | Automatic, checked at every review |
| Realized gains and losses | Calculated, checked by your team | Recorded as payments are matched |
| Month-end revaluation | Your team runs it | Done at every close |
| Foreign bank reconciliation | Your team | Every account, each close |
| Base currency | Set in the software | Any base currency, kept in your own ledger |
Multi-currency accounting software reviews: four questions to ask
Before you choose
Question 02
Can bank accounts stay in their own currency?
A dollar account kept in dollars reconciles cleanly to its statement.
Question 03
Who checks the conversions?
Software converts automatically. Someone still needs to spot the odd rate or misdated payment.
Question 04
What does the month-end look like?
Ask who revalues open balances and reconciles foreign accounts before the statements go out.
Multi-currency accounting best practices
Getting it right
Choose your base currency before the first transaction
Changing it later usually means starting a new company file.
Hold accounts in the currencies you trade in often
Paying and being paid in the same currency avoids conversion on every transaction.
Invoice in the currency you want to receive
It makes clear who carries the exchange risk.
Keep bank fees apart from exchange differences
Transfer fees are a cost. Exchange gains and losses are a separate line.
Revalue open balances every month
Monthly revaluation stops a year of rate movements landing in one month.
Foreign currency inside your current accounting software
Nothing to migrate
Frequently asked questions
What is multi-currency accounting?
Multi-currency accounting records foreign currency transactions alongside a business's base currency and converts them at an exchange rate. It also tracks the gains and losses when rates move, and Excello runs it inside QuickBooks, Xero or Odoo.
Can Excello keep my books in a currency other than US dollars?
Yes. Excello keeps books in any base currency, whether that is US dollars, UAE dirhams, pounds or euros, with foreign currency transactions converted and reconciled alongside them.
What is an unrealized exchange gain or loss?
It is the change in value of foreign currency balances still open at month-end, such as unpaid invoices or a euro bank account. It becomes realized when the invoice is paid or the money is converted.
Which accounting software supports multiple currencies?
QuickBooks Online, Xero and Odoo all do, though in QuickBooks and Xero it depends on the plan. In QuickBooks, multicurrency cannot be switched off once it is on, so it is worth deciding carefully.
Where do exchange gains and losses appear in my reports?
Realized and unrealized gains and losses appear in your profit and loss, and foreign balances show in your base currency on the balance sheet. Both are calculated and reviewed at every month-end close.
Does Excello handle international contractor payments through Deel?
Yes. Deel contractor invoices and foreign currency payouts are recorded in your base currency with their exchange differences, then reconciled at every month-end close alongside the rest of your books.