You can also pay multiple foreign currency bills in one go directly on GCFX once you are connected with Xero.
Follow the step-by-step instructions below:
1. Same as paying one bill, make sure your Xero organization is connected to Xero and the Xero bank account(s) is connected to the corresponding GCFX internal account by viewing the Xero Connection (“Setting” > “Xero Connection”).
2. Once you have bills created in Xero, open GCFX and click on “Xero Bills” to get access to your Xero bills.
3. View your consolidated Xero bill records with the “By Currency” / “By Beneficiary” /“By Due Date” filter (Top-Right Corner).
4. Click Details to view the individual bill record.
There will be 3 statues for your Xero Bills:
5. Overdue Bills will have the date highlighted in Red.
6. Select multiple bills by checking the tick-box. You can see the number of bills selected and the added-up amount.
7. Click “Settle” to proceed to the dealing page.
8. You can view the exchange rates offered by GCFX (valid for 10s). Currently, we support only full payment for this direct bill payment function, so the bill total amount will be set as the “Recipient Gets” amount automatically. If you wish to arrange a partial payment to your suppliers / merchants, please create multiple bills with separated payment amounts on Xero.
9. Please select your "Payment Method". Please note that all selected bills will be paid with the the selected payment method. Note: Only when a GCFX Account is selected (either as the source of funds or the destination of funds), will the FX transaction be uploaded to Xero as Bank Feed.
10. For each deal, select your registered recipient by clicking on the “Select” button or add anew recipient by clicking on the “Add Recipient” button as the FX deal recipient. The Xero bill’s contact will be automatically pulled as the recipient name.
11. Confirm the exchange rates and the “You Send” amounts.
12. Click “Confirm” and Voilà, all your actions are completed! The FX deal is confirmed and your bill will soon be paid! A FX deal summary will be prompted for your review.
13. You can view your bill payment submission status. After submitting the bill as an FX deal, the GCFX action will be updated to "Submitted".
14. If you has selected a GCFX Account as your payment method, a respective payment will be created in Xero with the GCFX exchange rate to your bill. The selected GCFX account will appear on Xero as your payment’s source of funds.
Once the payment is created on Xero and the bill status is updated to “Paid”, the GCFXbill status will be updated to “PAID”.
Note: If you use other payment methods (other than the GCFX internal account), theXero bill payment transaction will need to be manually inserted in Xero. After the manualcreation, the GCFX Xero bill status will also be synchronized.
15. You can then reconcile on Xero the uploaded FX deal record (Bank Feed) and the bill payment transaction.
