Which accounting software handles multi-currency invoicing and Indian GST?

If you invoice clients in more than one currency, a spreadsheet soon becomes hard to reconcile: each invoice has its own rate, each payment lands at a different rate, and the difference has to be booked as an exchange gain or loss. Accounting software with multi-currency support stores the rate on each document and posts the difference for you. For Indian service exporters, the second question is how well the same tool handles GST: export invoices under a Letter of Undertaking (LUT), e-invoicing above the threshold, and return filing.

This page is neutral. Products are listed alphabetically, and each description reports only what the vendor's own pages said when checked in October 2026.¹³⁵⁶ No product is recommended, and there are no affiliate links. Features and plans change, so confirm on the vendor's site before you buy.

What is multi-currency accounting software?

Multi-currency accounting software lets an exporter raise invoices in a foreign currency, store the rate on each document, and post the exchange gain or loss when the payment arrives.¹³⁵⁶ The software applies a rate feed or a rate you enter, while the accounting rules for those entries come from AS 11.⁷

• Recording: AS 11 requires recording at the transaction-date rate.⁷
• Settlement: the difference on payment is booked as an exchange gain or loss.⁷
• Year end: unpaid receivables are restated at the closing rate.⁷

The rules behind these entries stay the same in every tool.

Who needs multi-currency accounting software?

Multi-currency accounting software suits exporters who bill in foreign currencies often enough that manual rate tracking becomes hard to reconcile.⁷ The need differs by how you work:

The accounting rules stay the same whichever tool you choose.⁷

How do you choose multi-currency accounting software?

You choose multi-currency accounting software by checking the plan, rate source, exchange posting and Indian GST features against how you bill.¹³⁵⁶

1. List your currencies and volume: note how many currencies you bill in and how often.
2. Check the plan: some vendors include multi-currency only on higher plans.⁵⁶
3. Check the rate source: feed or manual entry, and whether you can show where each rate came from.¹⁶
4. Check exchange posting: whether gains, losses and year-end revaluation post automatically.¹³
5. Check Indian GST features: export invoices, e-invoicing and returns, or a separate tool.²³⁸
6. Test with a real invoice: raise one export invoice and record its payment.

A short trial with your own data shows more than a feature list.

What features and rules should an exporter check in accounting software?

An exporter should check how the software records foreign currency invoices, where its exchange rates come from, whether it posts exchange gains and losses automatically, and what Indian GST features it describes.⁷⁹ These map to the accounting rules in AS 11 and the invoice rules in rule 46 of the CGST Rules.⁷⁹

What happens if multi-currency accounting software is set up wrong?

If multi-currency accounting software is set up wrong, the books can carry the wrong rate or an invoice can miss required fields, and the software will not catch either for you.⁷⁹

• Wrong rate source: software applies whatever feed or rate you enter; AS 11 still requires the transaction-date rate or a period average if rates are stable.⁷
• Missing endorsement: rule 46 requires the export endorsement on export invoices under an LUT, whichever tool produces them.⁹
• Wrong plan: on Zoho Books India, invoicing in multiple currencies is available only in certain plans.⁶

Check the first few invoices and payments by hand after setup.

How do Odoo, TallyPrime, Xero and Zoho Books compare on multi-currency and GST?

Odoo, TallyPrime, Xero and Zoho Books all support foreign currency invoices, and they differ on exchange posting and Indian GST features as described on their own pages.^1234568 The vendors below are listed alphabetically; "Not stated" means the page checked did not say.

What does Odoo say about multi-currency and Indian GST?

Odoo's documentation says that for all documents you can select the currency and journal on the document itself, and that payments in a foreign currency go through the Register Payment wizard.¹ Odoo can update rates at regular intervals (daily, weekly or monthly) from a chosen web service; by default rates are updated manually.¹ It says Odoo automatically records exchange difference entries on dedicated accounts in a dedicated journal.¹

Odoo's India localization page says Odoo is compliant with the Indian GST e-invoice system, uploads validated invoices to the NIC e-invoice portal, supports e-way bills, and can send GSTR-1 and receive GSTR-2B once API access is enabled on the GST portal.² The part of that page we read did not mention export invoices, LUT or zero-rated supplies.²

What does TallyPrime say about multi-currency and Indian GST?

Tally Solutions says TallyPrime lets you record invoices, quotations, orders, payments and bills in foreign currencies, and that it automatically calculates forex gains or losses from currency fluctuations.³ The same page says it generates GST invoices, export bills, e-invoices and e-way bills.³ The TallyPrime product page describes a connected GST solution for filing and reconciliation.⁴ The pages checked did not describe where exchange rates come from.³

What does Xero say about multi-currency and Indian GST?

Xero's multi-currency page says you can send invoices in over 160 currencies, that it converts foreign currency invoices, bills and quotes into your base currency, and that you can override the rate on an individual transaction.⁵ Multi-currency is listed on the Established plan, and not on the Early and Growing plans.⁵ The page checked was Xero's US page; it does not mention India or GST.⁵ If you need Indian GST returns, check separately whether Xero supports them for your organisation.

What does Zoho Books say about multi-currency and Indian GST?

Zoho Books India's help page says you can add currencies and assign them to customers and vendors, and that invoicing in multiple currencies is available only in certain plans.⁶ Exchange rates update automatically through Open Exchange Rates by default, or you can switch feeds off and enter rates manually with a start date.⁶ The Zoho Books India GST help page describes GST settings and online filing settings that let you pull and push data to the GSTN and file returns.⁸ The pages checked did not describe export invoices under LUT.⁶⁸

What are the common mistakes when choosing multi-currency accounting software?

The common mistakes when choosing multi-currency accounting software are assuming every plan includes multi-currency and assuming the software settles the accounting rules.⁵⁶⁷

• Assuming every plan includes it: Xero lists multi-currency on the Established plan only, and Zoho Books India on certain plans.⁵⁶
• Treating the rate feed as the rule: AS 11 sets the rate to use; the feed only supplies a number.⁷
• Reading a US page as India support: for example, Xero's US multi-currency page does not mention India or GST.⁵
• Skipping the invoice template check: rule 46 fields must appear on export invoices.⁹

See how to account for foreign currency invoices for the entries, and the export invoice format for what the invoice itself must show.