Reconciling foreign currency settlements against their local currency amounts in Xero differs depending on whether you use Amazon currency conversion tool or not.
If you have entered your GBP bank account as the deposit account for all your Amazon funds, including those in EUR, USD and CAD, then Amazon will use their Amazon Currency Conversion platform to convert your EU, USD or CAD payments into GBP before they pay them out to you.
If you have added local bank accounts for each of the different currencies that Amazon uses then they will pay you out in those currencies without first converting them to GBP.
If you are using the Amazon Currency Conversion platform then when your settlements are sent to Xero we will add their converted amounts to the invoice references like this:
“(€5.79) LMB-FR-1012345678-1 (converted to GBP 4.88)”
This makes it easier to find and match the foreign currency settlements with their GBP bank lines.
To do so if you take the amount you received in GBP and simply search for that value in the reference search box and untick the show GBP items only box, then Xero will show the invoices which have that figure in the reference which should make it much easier to identify them.
The steps are:
- Click the “Match” tab
- Un-tick the “Show GBP items only” checkbox
- Copy the amount you received in GBP and paste it into the “Search by name or reference” box
- Click “Go”
- Tick the invoice and hit reconcile.
I hope you found this article helpful. Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment!
Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome.
If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic
Additionally, here you can watch my YouTube video, where I am presenting you several secret tips about appealing Amazon Seller Account suspensions (don’t be confused by the opening of the video, where I am enjoying a vacation – it’s a part of the story):
Leave a Reply
You must be logged in to post a comment.