Agent WranglersPAY-69Recommended
Settle in currencies you spend and convert only once
When one foreign currency makes up more than 20% of sales, settle it into an account in that currency. Stop converting each charge.
How to do it
Each conversion costs a fee on top of the rate. A charge in euros converted to kronor and then refunded in euros pays it twice. Most providers can pay out in several currencies to bank accounts in those currencies. Pay suppliers and refunds from the same currency where you can. Review the share of sales per currency each quarter. Match each currency's payouts as Reconcile every payout says.
How to check
A quarterly report lists sales per currency. Every currency over 20% has its own payout account, and the conversion fees per currency appear as their own ledger rows.
Sources
Related rules
- PAY-22 Reconcile every payout in Payments and billing
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