SubscriptionBoss now has cross-currency support which means you can take payment in multiple currencies and be able to use a currency other than USD as your Infusionsoft currency. Earlier versions of SubscriptionBoss required USD to be the Infusionsoft currency when operating using multiple currencies.
Cross Currency Rates Explained
All FX rates are expressed relative to the US dollar, just as the price of oil is always expressed in USD. This is a market convention. Cross currency rates (those not requiring USD) are calculated using the pair of USD rates for those currencies.
In SubscriptionBoss we use direct quotes: that is, 1 unit of the foreign currency is expressed in the base currency. For example, if USD is the base currency then we have GBP/USD 1.333 which means that 1 GBP is worth 1.333 USD
So for example if we have GBP/USD 1.333; EUR/USD 1.11 then the cross rate EUR/GBP is calculated by dividing the Euro rate by the Sterling rate to obtain a rate of 0.837, 1 Euro is worth 83.7p.
SubscriptionBoss Uses Cross Currency Rate For Infusionsoft
SubscriptionBoss will use the FX rates table to calculate the amount of each payment. It will use a cross currency rate to convert the payment amount from the PayPal currency to the invoice amount in the Infusionsoft currency.
Therefore, a UK business running with GBP as their Infusionsoft currency, may bill a client in France €1000 through PayPal and SubscriptionBoss would account for this in Infusionsoft as £837.00. This local currency payment saves both the buyer and the vendor 4% on the original transaction since no foreign charges are levied at time of purchase.
The FX rate used is recorded in a custom field on the order table. Also notional FX gains and losses can also be calculated and recorded similarly. FX losses or gains occur naturally as FX rates will change over time as ongoing payments take place.
The FX rates table can be overridden as you will typically not receive the mid-market rate, generally you will receive 3-4% less than the market rate so you can adjust the table as you need to reflect the rates you receive. At the end of the day it depends on how you want to report on your FX losses and gains on your foreign income.