Multi-Currency Accounting Software

Get the best multi-currency accounting software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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Xero Screenshot
Xero
★★★★★
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(3)
Xero is an online accounting solution for small businesses that is known for its ease of use. See your cashflow in real-time with online billing, banking and accounting. Just login anytime, anywhere. Free trial, pay nothing until you’re ready; No setup…
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Starting Price
$9/month
Client OS
Web
Deployment
Cloud Hosted
FreshBooks Screenshot
FreshBooks
★★★★★
★★★★★
(5)
FreshBooks is a cloud accounting solution designed for freelancers and small business owners. It is a simple and intuitive solution, so accounting isn’t intimidating. Create professional invoices, capture your expenses and track your time towards…
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Starting Price
$15/month
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
QuickBooks Online Screenshot
QuickBooks Online
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(29)
QuickBooks Online is the most flexible accounting software solutions to link multiple users and locations to their business finances-anytime, anywhere. It has the accounting functionality of QuickBooks desktop software, but instead of installing it on a…
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Starting Price
$15/month
Client OS
Web
Deployment
Cloud Hosted
Oracle ERP Cloud Screenshot
Oracle ERP Cloud
★★★★★
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(2)
Oracle Cloud ERP (formerly Oracle Fusion) is an integrated suite of business modules comprised of various ERP products depending on your needs. The cloud applications assist with your business functions of finance, project management, procurement, risk…
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Starting Price
$175/month/user
Client OS
Web
Deployment
Cloud Hosted
Giddh Screenshot
Giddh, a service from Walkover, offers a suite of online accounting software and tools. Giddh can handle invoicing, bank reconciliation, reports and analysis, client contact information and communication tools, inventory, and more. It’s a great service…
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Starting Price
$11/year/user
Client OS
Mac, Web, Windows, Android
Deployment
Cloud Hosted
Open Systems Accounting Software Screenshot
OSAS is a powerful, award-winning accounting and business management system for Windows, Linux, UNIX and Mac users. OSAS is flexible and easy to customize to your requirements. Built on a long track record of successful implementations, OSAS accounting…
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Client OS
Mac, Web, Windows
Deployment
Cloud Hosted
CurrencyXchanger Screenshot
CurrencyXchanger POS is one of the most popular software systems for Foreign Exchange. Its simplicity and flexibility is second to none. If clients are thinking about automating their bureau de change for the first time, this product will change their…
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Starting Price
$999 (perpetual license)
Client OS
Deployment
Cloud Hosted
Banana Accounting Screenshot
Banana Accounting offers a range of simple accounting and productivity software. Banana Accounting uses a familiar, Excel style layout to help users navigate and operate the software. And all formulas are pre-built into balance sheets, budgets, charts of…
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Starting Price
$115 (perpetual license)
Client OS
Mac, Windows, Linux, iOS, Android
Deployment
On-Premises
Clear Books Screenshot
Clear Books
★★★★★
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(1)
Clear Books is an accessible, online accounting software built for small businesses, contractors, and freelancers. Easily create and send invoices, track bills and expenses, prepare taxes, share access with certain individuals, and more. Invoice and Quote…
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Starting Price
$12/month
Client OS
Mac, Web, Windows, iOS, Android
Deployment
Cloud Hosted
Clickentry Screenshot
Clickentry is a cloud accounting solution for small and medium-sized businesses. Clickentry offers easy-to-use tools to help with invoicing, expense claims, multi-currency accounting, purchase orders, fixed assets, and more. Invoicing; Inventory; Bank…
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Starting Price
$10/month
Client OS
Mac, Web, Windows, iOS, Android
Deployment
Cloud Hosted
ProfitBooks Screenshot
ProfitBooks
★★★★★
★★★★★
(1)
ProfitBooks is a simple and intuitive accounting software built for small and growing businesses. With ProfitBooks, you can create invoices, manage taxes, track inventory, and much more with no accounting knowledge. Purchase Management; Manage Sales…
Client OS
Mac, Web, Windows, iOS, Android
Deployment
Cloud Hosted
Bill.com Screenshot
Bill.com is specifically designed to automate the most tedious operations of any small business: Payables and Receivables. The web-based nature of Bill.com will enable you to work on your financials from anywhere in the world, at any point in time…
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Starting Price
$29/month/user
Client OS
Web
Deployment
Cloud Hosted
Sage 50c Accounting - US Screenshot
Sage 50c Accounting - US
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(19)
Sage 50 is a small business accounting program. Originally known as Peachtree Accounting, Sage 50 is one of the most popular, inexpensive, and long-running accounting software options on the market. Video Overview ; Pricing Guide Sage 50c Pro Accounting…
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Starting Price
$439/year/user
Client OS
Windows
Deployment
On-Premises
BS1 Accounting Screenshot
BS1 Accounting
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(2)
BS/1 Accounting is a small business accounting software providing an integrated accounting system that includes accounts payable, accounts receivable, a general ledger, inventory control, and sales analysis. The software is typically used by small to…
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Starting Price
$139 (perpetual license)
Client OS
Windows
Deployment
On-Premises
AccountEdge Pro Screenshot
AccountEdge Pro
★★★★★
★★★★★
(7)
AccountEdge is a complete small business desktop accounting and management solution for your Mac or Windows office, with everything you need to create and track sales and purchases, run payroll, track and build inventory, bill for time, and manage…
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Starting Price
$399 (perpetual license)
Client OS
Mac, Windows
Deployment
Cloud or On-Premises
Enterprise 21 Screenshot
Enterprise 21 ERP software is a fully-integrated ERP system for small and mid-market manufacturing and distribution organizations. Designed to facilitate industry best practices, Enterprise 21 includes comprehensive software functionality to manage the…
Client OS
Windows, Web
Deployment
Cloud Hosted
Adagio Accounting Suite Screenshot
Adagio Accounting Suite
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(3)
Adagio Accounting is a multi-ledger, modular accounting system that provides best-in-class audit controls and financial reporting capabilities. It is designed for small and mid-sized businesses that process significant volumes of transactions — where…
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Starting Price
$950 (perpetual license)
Client OS
Windows
Deployment
On-Premises
Accounting Seed Screenshot
Accounting Seed
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(3)
100% native full accrual accounting app. on Salesforce. Accounting Cloud tracks financial data through the entire business lifecycle; from marketing, project implementation, product sales, back office accounting, to producing financial statements designed…
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Starting Price
$250/month
Client OS
Web
Deployment
Cloud Hosted
Gravity Screenshot
Gravity
★★★★★
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(6)
Gravity Software’s cloud-based accounting solution is designed for businesses that have outgrown their entry level accounting software (such as QuickBooks or Xero), but are not yet ready to jump to an expensive enterprise application. Gravity is the only…
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Starting Price
$110/month/user
Client OS
Web
Deployment
Cloud Hosted
Connected Accounting and ERP Screenshot
Connected Accounting and ERP
★★★★★
★★★★★
(4)
Connected Accounting and ERP is a business management application designed for small to midsized companies. Connected can be deployed on traditional networks, with both Mac and/or PC clients, or in the Connected on Demand hosted cloud . The application…
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Starting Price
$499 (perpetual license)
Client OS
Mac, Windows
Deployment
Cloud or On-Premises

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Multi-Currency Accounting Software Buyer’s Guide

What Is Multi-Currency Accounting Software?

Multi-currency accounting software is a specific type of accounting software that helps record profits and liabilities in any base currency after being converted from any number of transaction currencies.

These multi-currency accounting systems track exchange rates throughout the day and log the specific rates when transactions take place, when accounting periods end, and when settlements are complete. In addition, they can automatically convert pricing–for sold and purchased goods–from the base currency to the foreign one and vice versa.

And in order to keep ledgers complete, accurate, and compliant, organizations need to log realized and unrealized losses and gains. And they need to do so for multiple rate exchange rates, throughout the entirety of the multi-currency arrangement, which can take place over several months. Whether a small business or a multinational corporation, multi-currency accounting solutions are needed for any organization with an international presence.

Banana Accounting
A multi-currency transaction tracker within Banana Accounting.

Features of Multi-Currency Accounting Software

  • Assign Currencies: Assign specific currencies to clients, vendors, bank accounts, credit cards, and more from an exhaustive list of built-in currencies. The assigned currency, based on the third party’s domestic currency, will inform how the software handles exchange rates, taxes, rounding regulations, and more.
  • Exchange Translator: Easily view accounts payable (AP) and accounts receivable (AR) in your domestic, base currency and the foreign, transaction currency. Calculations will automatically be made based on the current or assigned exchanged rate. And you can view the exact exchange rate at any moment.
  • Rate Exchange Tracker: Record and store the exact times and dates of currency exchange rates. This helps in the auditing process, as each exchange rate calculation can be compared against public exchange rate data.
  • Transaction Tracker: Record and store the exact times and dates of transactions, accounting period endings, and settlements. This helps in the auditing process, as each ledger entry can be compared against past entries and/or public exchange rate data.
  • Bank Reconciliation: Bank reconciliations will remain the same when handling the same currency. But foreign currencies must be reconciled in the foreign bank’s local currency. Multi-currency accounting software will log the exchange rate at the time of reconciliation, calculate the currency based on that rate, and reconcile with the assigned, foreign currency. And for reference, they will also show the reconciliation amount in the domestic, base currency.
  • Financial Reporting: Keep a primary set of books for the base currency, but also maintain transaction and account balances in multiple currencies. Perform online inquiries, produce general ledger reports, and create custom reports in the reporting currency.
ProfitBooks
Multi-currency invoice generator with ProfitBooks

Benefits of Multi-Currency Accounting Software

Multi-currency accounting software automates many time-consuming and error-prone procedures needed for doing international business. Organizations can minimize errors and confusion for themselves and their partners with automatic rate conversion. With automatic converters, you can accept payments and receive bills, and send invoices, quotes and purchase orders, all in the appropriate currency.

The flexibility of multi-currency software lets you generate reports in whatever currency you want, and calculations can either be made automatically or manually. Make bank reconciliation simpler by assigning specific currencies to different bank accounts. And with real-time exchange rate trackers, you can see the exact status of gains, losses, cash flow, and more at any given moment.

Save Time And Reduce Costs

Built-in exchange rate calculators avoid the need to research, calculate, and manually input values from transactions, purchase orders, settlements, and accounting period end dates. And automating the process keeps bookkeeping consistent across all ledgers. It also reduces data entry errors and other human errors.

Most multi-currency accounting software will let you choose whether or not to use the automated or manual exchange rate tools. So if you prefer one method to the other for different kinds of processes, then you can make those changes.

Create An Audit Trail

Organizations will accumulate multiple exchange gains/losses for multiple transactions over multiple timespans. And having automated tools for logging data and making calculations helps keep track of complicated ledgers, AP, AR, and more.

And organizations need a way to unwind all of the changes over time, creating an audit trail of how they got from one value to another. Knowing the time and date of each action, the currencies involved, and the exchange rate at the time are critical to creating an accurate, traceable, reviewable report.

Real-Time View of Financial Position

With multi-currency accounting software, companies are always aware of their current financial position. See how your base currency is valued versus the currency of your international suppliers and clients. View how rates have changed over time to inform current and future decisions.

Primary ledgers are always converted into the base currency for easy, intuitive, accurate viewing. And balance sheets will be generated in the appropriate currency. Organizations can confidently view their cash flows, credits, liabilities, and more in real-time, in their preferred currency.

Clear Books
Assign access settings with Clear Books

Realized And Unrealized Gain/Loss

Multi-currency accounting solutions must take more into account than operational profits and losses. The value of foreign liabilities and assets change as exchange rates change between the initial transaction, the accounting periods, and the settlement; and they must be accounted for as unrealized or realized gains or losses.

A gain/loss is unrealized until the settlement is complete, when it becomes realized. These gains/losses can take place over multiple months, at multiple exchange rates. And for many companies, these gains/losses take place with multiple vendors, in different currencies, throughout the runs of many contracts. So the ability to automate some of these accounting procedures is extremely useful.

For example, as an importer, the amount of foreign currency you are paid could change from the initial invoice to the actual settlement; and those totals need to be logged as realized and unrealized exchange rate gains/losses.

Gains come from rate changes that add value to you from a transaction, while losses come from rate changes that subtract value for you. And the value of the rate change is also affected by whether you are importing or exporting. For exporters, the value in the domestic currency stays the same, but the amount of foreign currency paid is different. And for importers, the value in the foreign currency stays the same, but the amount of domestic currency paid is different.

Exchange Status Import Goods Export Goods
Home Currency Weakens Loss Gain
Home Currency Strengthens Gain Loss

Multi-Currency Accounting Software Pricing And Integration

Most full-suite accounting software and ERP software come with some version of a multi-currency accounting software. QuickBooks, Xero, Oracle, and many other online/cloud accounting software have multi-currency accounting tools within some versions of their services. For example, multi-currency tools are available as advanced features of QuickBooks Online, in the Essentials and Plus versions, which start at $40/month and $70/month, respectively. While Xero makes it available in its Established plan, which starts at $60/month. Oracle can offer a quote for multi-currency accounting services upon inquiry.

So within those advanced services, the multi-currency accounting software is not necessarily “free” if it is included as part of a broader accounting software that organizations already use. But it does add useful features and services, at no additional cost. And organizations might have to climb the tiers of service if they need multi-currency tools.

Other full-suite accounting and ERP software offer the ability to integrate multi-currency accounting systems into that existing accounting software. But they do so through a one-time fee, as an ongoing subscription, or both.

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