Currency conversion not matching amount from payment processor
We are a US based company with a website in the UK that collects GBP and a website in Norway that collects NOK. Our payment processors are Paypal and Stripe.
Currently our sales come into DEAR from our websites, DEAR then converts our sales from the foreign currency to USD, but it uses XE rates, which isn't what either Paypal or Stripe use.
Therefore the amount received in DEAR isn't correct and has to be manually adjusted. It caused a lot of extra work which is frustrating when we made this total switch to automate these tasks.
Could the developers at DEAR pull the payment processor actual information rather than just converting at DEAR's (XE) rates?
Thanks for the consideration.
4 people like this idea
Has there been any progress on this Kara?
We have been struggling with the same problem. Do you have a solution or work-around?
No, not that I am aware of. We do have a work around--sort of. I stopped Paypal from converting the currency on each sale so that the sales come into DEAR (and therefore Xero) in GBP. Once we accumulate a certain amount of pounds, I do a lump transfer to USD.
We don't do a ton of sales in Norway (yet) so we've been manually changing the conversion in DEAR before we sync to Xero. It's an annoying extra step, but once in Xero everything matches so that I can reconcile.
Let me know if any questions.
We are still struggling with this.
Per DEAR chat help I've been instructed to start a feature request for this several times. This is my original request---from 3 years ago.
From recent chat: "If you are requesting to use Shopify conversion rate that Shopify applied to actual sale to convert it to base currency, current DEAR integration can't capture this information and can't use it for processing.
Please supply a suggestion on our forum to use Shopify exchange rates to base currency for sale processing (this may not work is base Shopify currency is not the same as DEAR base currency)."
Yes, I am requesting to use the Shopify or Paypal conversion rate OR just pull the amount paid.
Current DEAR uses some standard conversion rate, but it's never the same as our payment processor. Why put in any amount if it's not correct? As of now, each payment has to be removed from the sale, then we adjust the conversion rate to match the rate that was used from the payment processor at the time of the sale and save. Then we have to go to XERO and do the same thing, since XERO took whatever DEAR showed. It would be less work if nothing was shown paid.
Please consider this feature. Thanks
1 person likes this
DEAR currently uses openexchangerates.org for all currency conversion and this is standard for the whole system.
Changing this now is not possible as it can be a huge affect on other sections of the system.