Our integration with Xero now support multi-currency exports!
Now, any payments made to employees can be reported in Xero according to the currency they are being paid in. Statutory contributions will still be reported in local currency of the country's account by default.
Before Exporting to Xero
To ensure that the export to Xero reflects the correct currency intended and paid out to employees, you'll have to ensure that the following actions have been done before export:
1) Enable the Multi-Currency payroll processing feature in Talenox
Head to Profiles > Company Details > Payroll Details > Currency Conversion Settings and enable the option for multi-currency payroll processing in your Talenox account:
2) Process payroll for employees who are paid out in a foreign currency
You can refer to the following articles for the respective countries to learn how to process multi-currency payroll in Talenox:
3) Export setting type needs to be set to "Bill" option in the Xero Integration page
Head to More > Integrations > Xero to ensure that the "Bill" option is selected for the Export setting type option in the Talenox <> Xero integration page:
Foreign currencies are currently not supported in Xero manual journal.
Exporting Display in Xero Bills
After ensuring that the points above have been done, you can then proceed to export your payroll processed in Talenox to Xero. 😃
You should be able to see your payroll exports in Xero showing according to the currency you have paid out your employees in:
Things to take note of:
Salary bills (like Net Salary payments) will be exported in the currency that is set in employees' profiles in Talenox (e.g USD).
Statutory bills will be exported in the default local currency of the company (e.g. SGD)