Cross-border bills and payments can sync to your accounting software in two different ways:
Base currency sync
⭐️ Note: Cross-border payments sync is currently only available for QuickBooks Online and NetSuite.
Multi-currency sync will record your bills in the currency of the bill and bill payment.
For example: If you create a bill for 100 EUR, Routable will sync the bill to your accounting software as 100 EUR.
Requirements: Multi-currency setting must be turned ON in your accounting software.
Routable will record the FX rate at the time of bill entry and bill payment to the accounting software accordingly. If there is a difference between these two FX rates, your accounting software will automatically post a journal entry to a FX gain/loss account.
Base currency sync
Base currency sync will record your bills in your home or base currency equivalent on your accounting software.
⭐️ Note: You can still use base currency sync in Routable even if you have the multi-currency setting turned ON in your accounting software. Currently, Routable only supports USD base currency.
For example: If you create a bill for 100 EUR and your base currency is USD and the FX rate at the time of the bill entry is 1.2, Routable will sync the bill to your accounting software as 120 USD.
If there are any FX gain or loss, Routable will automatically create a journal entry to balance out the difference you may see on your bank statement vs the bill payment recorded in the accounting software.
⭐️ Note: In order for Routable to record the FX gain/loss entry, you must provide the GL account you want the entry to be posted to. If you do not provide a GL account, you will need to manually post this entry.
We created a bill for 100 CAD and Routable synced the bill in the USD equivalent based on the exchange rate at the time of bill creation
At the time of payment, the exchange rate updated, so the actual cash paid is $79.48
Routable recognized this difference and immediately booked a journal entry against the designated gain/loss account provided by the client.
📚 For more information on cross border payments and FX gain/loss, please see Cross Border Payments and FX gain/loss.
How to set up your sync preferences
To set up multi-currency or base currency sync, please contact your Customer Success manager or Implementation manager to get started.
If opting into multi-currency sync, please make sure to have multi-currency turned on in your accounting software.
If opting into Base Currency Sync and FX Gain/Loss, please make sure to give the desired GL account to our team so we can configure your account accordingly.
How to change your cross border sync preferences
Please contact your Customer Success manager if you need to change your sync preferences. Below are the following requirements for changing your sync.
Multi-currency setting must be turned ON in the accounting software (if switching to multi-currency sync)
All pending payables must be resolved (paid or canceled)
Any vendors that were created with the old sync preferences may or may not require to be re-created under your new sync preferences.
Multi-currency → Base Currency Sync
QuickBooks Online: you must create new vendors to assign as the base currency for all multi-currency vendors
Oracle NetSuite: you must add the base currency to the vendor currency list for all multi-currency vendors
Base Currency → Multi-currency Sync
QuickBooks Online: you must create new vendors to assign as multi-currency for all base currency vendors
Oracle NetSuite: you must add the appropriate currency to the vendor currency list for all base currency vendors