Hi,
Do to the lack of multi currency support its looking like I have to move away from quickfile to a service that can handle this better. I don’t really want to because otherwise the software has served me well and the support is top notch.
The fact I can’t import pure dollar transactions from paypal has caused me quite a headache last year though and I need to sort it asap.
Before I make the move, are there any plans to support this in the near future?
Thanks
Hi @ianjh
I’m not 100% sure on what’s planned as I don’t deal with the development side of things. I have however invited my colleague to this topic who could hopefully shed some light on these for you.
PayPal multi-currency is not a simple issue to resolve for several reasons. I don’t think this is a problem unique to QF, although I’ll gladly consider any suggestions. I looked at how other systems handle this but can’t find any that don’t involve complicated workarounds.
One of the major problems is that the PayPal API does not provide a fixed exchange rate at the point the payment is received. They rely on retrospective adjustments, to keep QF in sync with PayPal we need to constantly poll their API for previous dates to see when the rates are added.
One simpler way to report for PayPal is to normalise to GBP and post bulk invoices once every week/month. That way the ex-rates will have adjusted correctly and you can be sure your figures on QF match those reported on PayPal.
As I say we are open to proposals on how QF users would expect multi-currency to work (taking into account the above).
Hi Glenn,
Apologies for the late reply.
I believe xero use xe.com for the exchange rates which is updated every hour.
Thanks
We also use xe.com for exchange rates. But these are not going to be the same rates PayPal use, that’s the problem.
PayPal use an exchange rate but don’t disclose that to us over the API, so the only option we have is to guess the rate and leave the user to adjust later.
We’re happy to implement the option to do this “I.e. import foreign currency PayPal entries using an xe.com rate”. It’s not perfect but it may be a minor imrpovement on just completely ignoring the foreign currency entries?
Yeah that would be better Glenn.
I’m guessing xero would have to do the same if thy’re using the same API
Hi Glenn, ok on that basis I’ve signed up for the power sub. Are you able to give an ETA for the multi currency option?
No 3rd party software provider will have access to exchange rates from PayPal as they all pull from the same API. Kashflow have a statement on this here.
Xero I believe (based on this article + comments) require you to create multiple bank accounts for each PayPal currency you deal in. Xero will then match up any foreign currency items and post it into the respective bank account. It means you’ll have an account structure like “PayPal USD”, “PayPal GBP”, “PayPal EUR etc”. I have no idea how you’d handle withdrawals using this method, or even track the balance?
Either option is viable for us to implement. I would suggest given our current commitments a lead time of around 2-4 weeks.
Ok thanks for explanation and eta Glenn.
Good evening Glenn,
I have been a very active user of Quickfile for a few years now. However I have to consider to my options.
I am a wine merchant, until now I have been processing my stock inventory on Excel but due to increase business I have to consider adding Stock Inventory to my invoicing system.
Will your company consider adding a module for this? Even as a paid extra, that would make your system one of the best on the market.
Let us know,
JL
I’m not aware of any plans in terms of stock management, sorry.
Generally we try to be careful with things such as stock features, crm features etc, as they don’t fall into the ‘accounting’ category, and we don’t move too far away from accounting or we start turning QuickFile into something it’s not.
Although, we are always open to suggestions, and the software itself is driven by community demand.
What I would suggest you doing however, is having a look at Zapier which allows QuickFile to work with an array of applications. A full list of applications can be seen here:
https://zapier.com/zapbook/
If you already use stock management software, there’s also no harm in contacting them and asking them to integrate with QuickFile. We’re more than happy to help them with this too, and have an extensive API in place for this to happen.
I hope that helps
@ianjh we’re now beta testing a new PayPal multi-currency solution. If you message me with your QF account number, I can add you to the beta program. The original announcement is here:
http://community.quickfile.co.uk/t/paypal-multi-currency-support/11192