Multicurrency transactions in Summary Sync mode

This guide explains how Synder handles multicurrency transactions in Summary Sync mode and how to configure the appropriate setup based on your payout flow. 

Use this guide if you:

  • Use Summary Sync mode in Synder
  • Process sales in multiple currencies
  • Need to convert multicurrency transactions into the home currency and sync home currency summaries only
  • Need to route transactions by currency to separate clearing and checking accounts

Before you start

Multicurrency must be enabled in your accounting platform before configuring Synder. This is a significant, permanent change to your books — read the details for your platform before proceeding.

QuickBooks Online

Enabling multicurrency in QBO cannot be undone. Here is exactly what changes the moment you turn it on:

  • Your home currency is permanently locked. It cannot be changed after enabling multicurrency. If you select the wrong home currency, the only fix is creating a new QBO file.
  • A new Exchange Gain or Loss account is automatically created in your Chart of Accounts. QBO uses this account to record the difference between the exchange rate on the date a transaction is created (e.g., invoice date) and the rate on the date it is paid — this happens automatically on every foreign-currency transaction.
  • Income and expense accounts always remain in your home currency and cannot be assigned a foreign currency. Only bank, credit card, and accounts receivable/payable accounts can hold foreign currencies.
  • Once a transaction is posted to an account, that account’s currency cannot be changed.
  • The Cash Flow Planner is automatically disabled.
  • QuickBooks Payments and QuickBooks Bill Pay are not compatible with multicurrency and will stop working.

If you are not sure whether multicurrency is right for you, consult your accountant before enabling it.

To enable: Gear icon → Account and settings → Advanced → Currency → check the Multicurrency box → confirm → Save.

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Xero

Plan requirement: A Xero plan that includes multicurrency. In the US, this is the Established plan — check xero.com/pricing-plans for your region.

Xero does not have a single multicurrency toggle. Multicurrency activates as soon as you add a foreign currency to your organization: Settings → Currencies → Add Currency → select the currency → Add.

What this changes on your books:

  • Foreign currencies can be assigned to bank accounts, invoices, and bills.
  • Exchange rates from XE.com update in Xero hourly, so currency movements appear on individual transactions and in your reports in real time.
  • Xero automatically tracks unrealised gains and losses (on open invoices and bills as rates fluctuate) and realised gains and losses (when those invoices or bills are paid) and posts them to dedicated accounts.
  • Once a currency is actively used in transactions, it cannot be removed without affecting existing data.

Depending on your payout flow, choose one of the following multicurrency configurations in Synder: 

  • Option 1: Multicurrency disabled
  • Option 2: Multicurrency enabled

The appropriate setup depends on how your payment processor sends payouts to your bank accounts. This applies to any supported payment platform or gateway. The examples below use Stripe for reference. 

Option 1: Multicurrency Disabled

Use this setup if all your payouts are deposited into one bank account in a single (home) currency — meaning your payment processor converts all foreign-currency sales before sending the payout.

With multicurrency disabled, Synder automatically converts all transaction lines to your home currency using exchange rates from your payment platform (when available) or from external rate sources, and syncs a single home-currency summary.

How This Setup Works

  • Customers pay in multiple currencies.
  • The payment platform converts all amounts before payout.
  • Your bank receives one payout in your home currency.
  • Synder converts all lines to home currency using rates from the payment platform or external sources.
  • Synder syncs one summary in your home currency.
  • The summary matches the bank deposit — reconciliation is straightforward.

Example scenario

A business receives the following sales during the day:

  • $100 USD
  • $100 CAD
  • $100 AUD

The payment processor converts all amounts into USD before payout:

  • $100 USD
  • $75 USD
  • $66 USD

The final payout deposited into the bank account is $241 USD. Synder will use the same conversion rates provided by the payment platform (when technically available) and will record the 241 USD in sales according to your mapping as a Journal Entry (for QuickBooks Online) or an Invoice/Credit note (for Xero).

As a result, you can fully reconcile the payout in your accounting platform because the synced summary matches the exact amount deposited into your bank account.

How to Configure this Setup: Keep Muticurrency disabled

  1. Open Settings from the left-side menu.
  2. Go to Mapping.
  3. Make sure multicurrency is disabled.
  4. Configure your standard mapping.

Multicurrency is disabled by default in all Synder organizations. Synder will automatically sync summaries converted into the home currency. 

⚠️ Important — check your bank deposit currency before choosing this option. If your payment processor sends payouts in foreign currencies to separate bank accounts (without converting to home currency first), do not use this setup. Synder will still convert the summary to home currency using available exchange rates, but the resulting home-currency summary will not match the foreign-currency bank deposit — making reconciliation impossible. Synder displays a warning when this situation is detected. Use Option 2 instead.

Option 2: Multicurrency Enabled

Use this setup if you receive payments in multiple currencies, and your payment processor sends payouts in separate currencies without conversion. 

This setup is appropriate if you maintain separate bank accounts for different currencies. 

How This Setup Works

  • Customers pay in multiple currencies. 
  • The payment platform does not convert payouts.
  • Each currency is deposited into a separate bank account.
  • Synder creates separate Journal Entries or Invoices/Credit Notes for each currency.

Example scenario

A business receives the following sales during the day:

  • $100 USD
  • $80 CAD
  • $300 AUD

The payment processor doesn’t convert sales amounts and sends them in different currencies to 3 different bank accounts in USD, CAD and AUD accordingly.

So, your bank account receives:

  • $100 USD → USD bank account
  • $80 CAD → CAD bank account
  • $300 AUD → AUD bank account

If Multicurrency is enabled and separate mappings are created for each currency using separate clearing and checking accounts, Synder does not perform currency conversion. It will create 1 summary for $100 USD, $80 CAD and $300 AUD with separate journal entries (for QuickBooks Online) or invoices/credit notes (for Xero) and send it to the books.

Example summary flow for USD

The same logic applies to each configured currency. 

USD Daily Summary

  • +$100 to Clearing 
  • +$100 to Sales 
  • -$100 from Clearing 
  • +$100 to Checking 

As a result, you will be able to seamlessly reconcile each of your checking accounts with the numbers supplied by Synder. Each currency will maintain separate accounting records. 

Configure this setup: Multicurrency Enabled

Enable Multicurrency

  1. Open Settings from the left-side menu. 
  2. Go to Mapping. 
  3. Locate Multicurrency
  4. Enable Multicurrency

Note: If Synder detects payouts in multiple currencies, a notification banner appears suggesting multicurrency setup. 

Create Mappings for Each Currency

After enabling Multicurrency, configure mappings for each currency. 

  • Open Mappings list from the left-side menu
  • Click the currency dropdown at the top right corner of the mapping list
  • Click Add new currency
  • Select the required currency
  • Select one of the options:
    • Copy all accounts from the home currency mapping
    • Map accounts manually from scratch
  • Click Add Mapping
  • Repeat the same steps for other currencies as well.

After adding and saving the mapping for a non-home currency, it will appear in the dropdown on the mapping page. You can switch between currency mappings or add additional currencies at any time. 

Note: You can map a specific source currency to either a home currency account or to a source currency account. The sync will not go through if, for example, your home currency is USD and you map USD sales to NZD accounts.

That’s it! After following these steps, Synder will aggregate the data in summaries according to their currencies and will create separate Journal Entries or Invoices/Credit notes for each currency. 

Important Notes

  • Multicurrency Cannot Be Disabled

    Once Multicurrency is enabled in Synder, it cannot be disabled. If you decide to synchronize summaries in home currency only after having multicurrency enabled, create a new organization. 

FAQ

  • Can I edit mapping for specific currencies?

    Yes. You can customize mappings for each of the currency at any time. After updating mappings, rebuild existing summaries to apply the changes. Check out this guide for step-by-step instructions on how to rebuild summaries.
  • Can I use the same clearing account for multiple currencies, if I have multicurrency enabled?

    This is not recommended.

For original currency summaries, create separate clearing accounts for each currency to simplify reconciliation and maintain accurate balances.

  • Can I use multicurrency sync if my accounting platform home currency differs from my payout currency?

    Yes. Synder supports workflows where the accounting home currency differs from the settlement currency. If the exchange rates are not available in payment processor, the accounting platform’s internal exchange rates are used instead.

Reach out to Synder Team via online support chat or email with any questions you have – we are always happy to help you!

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