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Making USD payments and simplifying bank acc reconciliation

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  • 24-05-2020 5:01pm
    #1
    Cianos
    Registered Users Posts: 4,850 ✭✭✭


    I have approximately 10 monthly subscriptions charged in USD, and make a number of USD based payments throughout the month as well.

    We're not talking large amounts, but reconciling these in Xero is a pain, because the EUR amounts differ month to month, and the bank line doesn't contain enough info to quickly see what the transaction is for.

    I looked into using Revolut for Business and making the payments with a USD Revolut card, this would allow me to create the recurring bills in Xero and have it all lined up for immediate reconciliation very easily.

    However it's €25/month for 10 transactions and then €3 per transaction after that. Paying €3 to simplify a $10/month subscription seems a bit wasteful, so I'm wondering is there a better way?

    Thanks


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    #2
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    Cianos wrote: »
    I have approximately 10 monthly subscriptions charged in USD, and make a number of USD based payments throughout the month as well.

    We're not talking large amounts, but reconciling these in Xero is a pain, because the EUR amounts differ month to month, and the bank line doesn't contain enough info to quickly see what the transaction is for.

    I looked into using Revolut for Business and making the payments with a USD Revolut card, this would allow me to create the recurring bills in Xero and have it all lined up for immediate reconciliation very easily.

    However it's €25/month for 10 transactions and then €3 per transaction after that. Paying €3 to simplify a $10/month subscription seems a bit wasteful, so I'm wondering is there a better way?

    Thanks

    Did you compare the differences in exchange rates as well?

    There may be savings there as well.


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