How SyncTools Converts Foreign Currency to Your Home Currency for Accurate Reconciliation

This guide walks you through the necessary steps to prepare your Xero account for seamless integration with SyncTools.

Step 1: Access Settings

• Log in to your Xero account

• In the top right corner, click on company name

  

• Click on your company name and then choose ‘Settings’

  

Step 2: Navigate to Currencies in Settings

On the settings screen, click on ‘Currencies’ in the General section

Then click on ‘Add Currency’

Example: How Currency Conversion Works

Let’s say you sell a product for €100 EUR, and your home currency is USD:

• Shopify processes the payment and converts it to $110 USD
• SyncTools retrieves both the original amount (€100) and the converted amount ($110)
• SyncTools creates an entry in QuickBooks showing:
  • Revenue of $110 USD