Last updated 03/01/2019
Cin7 supports integrating with a multi-currency Xero account. You can import invoices, purchase orders, sales orders, and calculate COGS in foreign currencies.
Cin7 supports foreign currency invoicing provided that the following conditions are met:
These conditions ensure that the Stock figure can be reconciled between the two systems, and that there will be no exchange rate discrepencies.
Supplier Invoices (or "Bills") can be imported into Xero in the foreign currency that they were raised in. To do this, Xero must be operating as multi-currency.
Purchases start out in Cin7 as Purchase Orders. Before a Purchase Order can be imported into Xero, two criteria need to be filled:
When the stock from that Purchase Order is physically received, entering the Supplier Invoice Amount, Date, and Number will make the Purchase Order available for import into Xero; in other words it then becomes a "Bill" (Payable) in Xero.
A Sales Order, once processed to the Invoice stage can be imported into Xero in the foreign currency it was raised in, provided you have Multi-currency Xero set up.
Sales start out in life in Cin7 as Sales Orders. Before a Sales Order can be imported to Xero (and become an "Invoice"), two criteria need to be filled:
Once an Invoice Date and an amount more than $0 is entered into the customer Sales Order, it becomes an Invoice available for import into Xero; in other words it becomes an "Invoice" (Receivable) in Xero.
When customers payments are receipted in Xero, Cin7 will download this information from Xero and allocate it to the invoices paid by the customer.
This information is only downloaded for Sales Orders. This does not apply to Purchase Orders.
When a Purchase Order in a foreign currency is raised in Cin7, the value of the stock is converted to the home (or base) currency rate.
A separate journal is created by Cin7 to account for the cost of goods sold. This journal will decrease assets and increase expenses by the same amount.
The value of the journal is the converted home (or base) currency value of the stock when it was receipted into Cin7.
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