Cloud based accounting package - dual currency?

Dirac98

Hi

I have looked at the recent previous thread re accounting software. I am hoping someone may be able to point me in the right direction:

Primarily revenue comes from ebay through Paypal with sales in Sterling, being converted to Euro's through Paypal when I decide to withdraw funds.

There is other revenue based on invoices in euros.

I am a sole trader just starting out and am looking for advice as to how to deal with the 2 currencies in my accounts. I looked at Bullet but they are working on a dual currency setup but it isn't available at the moment.

Would need a package that could import the data from ebay/paypal as there are too many small transactions to manually enter data.

What software do you use in similar situations?

Thanks

smeharg

Have you looked at Kashflow?

It can handle multi-currencies and has paypal integration.

What I'm not sure about is whether the automated paypal integration would convert the STG amounts to EUR on import. But it is possible to import a CSV file, state the currency and exchange rate, and it will convert.

Whatever software you look at be careful about what it claims to do and what it actually does! Sometimes these things aren't as straighforward in practice as is claimed.

Kashflow has a 60 day free trial if you register in February - that should give you plenty of time to play around with it to see if it does what you need it to do.

You might also need to clarify what you mean by dual currency. Is it the ability to issue invoices etc in other currencies or is it the ability to record a foreign currency transaction in both currencies? I think only high accounts packages would do the latter.

Dirac98

Thanks for the reply, I haven't looked at kashflow but I will now and post how I get on.

NumbrCrunchr

Our firm uses xero and I would definitely recommend it for multi-currency. You can google it and check out the demos. Looks like it covers your requirements

Numbercruncher

Rob87

We've been using Xero.com for over a year and even some of my accountant friends have looked into it.

Fantastic product, incredibly simple to use.

smeharg

Xero seems very popular but one draw back, I am told, is it cannot handle cash accounting for VAT.

Speaking to people that use it that seems to be the only problem though.

NCG

Definitely try Xero. It handles multi-currency and Paypal integration beautifully. It can also use the VAT cash basis.

(ps. we are Xero partners so I would say that, but it's true!).