Best multi-currency accounting software for small businesses (2026)

Most small businesses that trade abroad already own software that can handle foreign currency. The catch is which plan you are on, where the rates come from, and whether open balances get revalued at month end. We checked every vendor's own pricing and help pages in October 2026 so you can compare like for like.

Quick answer: For most small businesses in the UK, Ireland, Australia, Singapore and Canada, Xero (Comprehensive plan, £55 a month in the UK) is the most complete multi-currency ledger. It supports over 160 currencies, updates rates hourly and calculates FX adjustments automatically at month end. QuickBooks Online (Essentials and above) is the closest rival. FreeAgent is the strongest pick for UK micro-businesses, Zoho Books Professional is the cheapest with full realised and unrealised reports, and Bukku is the natural choice in Malaysia.

We make tofu, a tool that reads invoices and publishes them into most of these ledgers, so weigh our view with that in mind. We don't sell a ledger, and every claim below comes from the vendor's own pages, listed under Sources at the end.

Which multi-currency accounting software is best for small businesses?

Here is the short version. Each row shows the cheapest plan that unlocks multi-currency and the price we saw on the vendor's site for the country named.

Prices exclude intro offers. Several vendors were running discounts for the first few months when we checked, so your first bill may be lower.

What does "most reliable" mean for multi-currency accounting?

"Reliable" gets thrown around a lot. For FX, it comes down to three things you can check before you buy.

1. A named rate source that updates on its own. You should know where the rate came from and when. Every tool in this guide pulls rates automatically, and most let you override the rate when you need to.
2. Revaluation of open balances. An unpaid foreign invoice changes value every day. Good software posts the unrealised gain or loss at period end, then turns it into a realised gain or loss when the invoice is paid.
3. An audit trail you can follow. The original currency amount, the rate used and the source document should all sit on the transaction. Reports should show realised and unrealised gains separately.

Here is how each ledger scores on the second and third points, based on its own help pages.

How do the main options compare?

Xero: best all-rounder for firms and their clients

Xero's UK site says you can "transact in more than 160 currencies" and updates exchange rates automatically every hour. You can assign a default currency to each contact and still change the rate on a single transaction. Its UK guide says FX adjustments are calculated automatically at month end, and foreign currency bank accounts reconcile through bank feeds.

The limit is price. In the UK, multi-currency starts on Comprehensive at £55 a month ex VAT, with Ultimate at £70. Ignite (£18) and Grow (£39) don't include it. Plan names and prices differ in Australia, Singapore and Canada, so check your own country's page.

QuickBooks Online: the closest rival, with one catch

Intuit says QuickBooks Online covers 145+ currencies, with rates from Wall Street On Demand refreshed every four hours. In the UK, Ireland, Australia and Singapore, multi-currency appears on Essentials, Plus and Advanced. Canada's pricing page lists it against Plus.

Home currency adjustments revalue foreign balances at a new rate, which is how you book unrealised gains. Now the catch. Intuit's own guide says that once you turn multi-currency on in a company file, you cannot turn it off. Decide before you click.

Zoho Books: cheapest with full FX reporting

Zoho Books unlocks multi-currency on Professional, which costs £24 a month in the UK. Rates update automatically through Open Exchange Rates, or you can switch that off and enter your own. It has separate Realised Gain or Loss and Unrealised Gain or Loss reports, plus base currency adjustments that revalue open transactions at a new rate. You can add bank accounts in as many currencies as you need.

FreeAgent: best for UK micro-businesses and contractors

FreeAgent prices by business type rather than by feature tier, and the help pages we read list no plan restriction on foreign currency. It uses the latest rate from xe.com and revalues foreign accounts every day. Unpaid foreign invoices post daily unrealised gains or losses, which become realised automatically when the invoice is paid. One limit to know: each invoice can only be in one currency.

Sage Accounting: fine if you already run Sage

Foreign currency invoicing and banking are only available on Sage Accounting Plus, £59 a month ex VAT in the UK. Sage pulls daily exchange rates from the European Central Bank and asks you to set up ledger accounts for exchange gains and losses. The help page we checked did not describe period-end revaluation of open balances, so test that in a trial if it matters to you.

MYOB: Australia's option, with a reporting gap

Multi-currency in MYOB sits on AccountRight Premier. Online files get live exchange rates that update every five minutes, and you can create foreign bank and credit card accounts. MYOB records realised gains in a Currency Gain/Loss account. But its own support page lists reporting on outstanding foreign currency balances (unrealised gains and losses) as something AccountRight can't do. Premier's price was not shown on MYOB's Australian pricing page when we checked.

Bukku: the Malaysian pick

Bukku includes multiple currency support on its Prime (RM 95 a month) and Elite (RM 135) plans. Seed and Grow users can add it for RM 12 a month plus 8% SST. Live daily rates come from Bukku's forex partner, you can set a custom rate for a period, and Bukku says several reports track realised and unrealised exchange gain or loss.

What is the difference between realised and unrealised FX gains?

Say a UK client invoices a German customer €10,000 when €1 buys £0.85. The ledger records £8,500. At month end the invoice is still unpaid and the rate has moved to £0.84. The open balance is now worth £8,400, so the software posts a £100 unrealised loss.

The customer pays the following month at £0.86. The client banks £8,600. The software reverses the unrealised entry and books a realised gain of £100 against the original £8,500. That is the whole cycle. Software that skips the month-end step gives you a profit figure that is wrong until the cash lands.

Two more terms come up. The functional currency is the currency of the business's main economic environment. The transaction currency is the one printed on each invoice. IAS 21 sets the rules for both under IFRS, and your ledger does the arithmetic.

Where do multi-currency workflows break?

Not in the ledger. Every tool above converts and revalues well once the transaction is in. The slow part comes earlier.

A Thai supplier sends an invoice in baht with Thai descriptions. A Chinese vendor sends a fapiao. A Dubai supplier sends Arabic line items. Before Xero or QuickBooks can apply a rate, someone has to read that document, pull out each line, pick the account and the currency, and key it in. The ledger's FX engine sits idle while a bookkeeper works through Google Translate.

So when you compare software, ask two questions. Does the ledger handle FX properly? And how will foreign-language invoices get into it?

Where tofu fits

tofu is the capture and data-entry layer that sits in front of your ledger. It reads invoices, receipts and bank statements in 200+ languages, handwriting included, and shows English translations side by side while you review. It extracts every line item and codes it against your chart of accounts.

When you connect Xero, tofu reads your accounts, contacts, tax rates and currencies straight away. The Zoho Books, Sage, MYOB, Bukku and FreeAgent connections sync currencies too. Reviewed extractions publish into Xero, QuickBooks Online, Zoho Books, Sage, MYOB and Bukku, and FreeAgent users export a FreeAgent CSV. For bank statements, tofu handles several accounts and currencies in one upload, such as USD, SGD, EUR and JPY accounts from one file, each balanced on its own.

What tofu doesn't do: it isn't a ledger. It won't revalue your open balances or run your FX reports. Your accounting software keeps that job.

"tofu definitely saves our bookkeeper's time and it is easy to use. tofu is a pivotal step for our digital transformation."

Kosuke Hiura, Partner, GoGlobal

If your clients' suppliers write in Thai, Chinese, Arabic or Japanese, see how this works in Xero for multi-currency invoices or QuickBooks Online. For a wider look at capture tools, read our guide to multi-currency invoice processing software. You can also check the Xero integration and Bukku integration pages.

Start a free trial or see pricing.

Frequently asked questions

What is the best multi-currency accounting software for a small business?

For most small businesses outside the US, Xero on the Comprehensive plan is the most complete option, with over 160 currencies, hourly rate updates and automatic month-end FX adjustments. QuickBooks Online Essentials is a close second. UK micro-businesses get good value from FreeAgent, and Malaysian businesses usually pick Bukku.

Which Xero plan includes multi-currency?

In the UK, multi-currency is included on Comprehensive (£55 a month ex VAT) and Ultimate (£70). The Ignite and Grow plans don't include it. Plan names and prices vary by country, so check Xero's site for yours.

Can you turn off multi-currency in QuickBooks Online?

No. Intuit's own guide says that once you turn multi-currency on in a company file, you cannot turn it off. It is available on Essentials, Plus and Advanced in the UK, Ireland, Australia and Singapore.

What is the cheapest accounting software with multi-currency?

Of the tools we checked, Zoho Books Professional is the cheapest UK plan with multi-currency at £24 a month, or £20 a month billed yearly. In Malaysia, Bukku's multi-currency add-on costs RM 12 a month on Seed or Grow.

Does MYOB report unrealised currency gains?

No. MYOB's support page says AccountRight can't report on outstanding foreign currency balances (unrealised gains and losses). It records realised gains and losses in a Currency Gain/Loss account, and multi-currency needs AccountRight Premier.

Where do accounting tools get their exchange rates?

It varies. QuickBooks Online uses Wall Street On Demand, Zoho Books uses Open Exchange Rates, Sage uses the European Central Bank and FreeAgent uses xe.com. Xero updates hourly, MYOB every five minutes for online files, and Bukku daily from its forex partner.

Can accounting software read foreign-language invoices?

The ledgers here convert currencies well, but they expect the transaction to be entered first. A capture tool such as tofu reads invoices in 200+ languages, extracts each line item and publishes it into Xero, QuickBooks Online, Zoho Books, Sage, MYOB or Bukku.

Sources

• Xero UK pricing plans
• Xero UK multi-currency features
• Xero UK guide to multi-currency accounting
• QuickBooks UK pricing
• QuickBooks Ireland pricing
• QuickBooks Australia pricing
• QuickBooks Singapore pricing
• QuickBooks Canada pricing
• Intuit: multi-currency in QuickBooks Online
• Intuit: multicurrency in QuickBooks Online student guide
• Intuit: enter home currency adjustments
• Zoho Books UK pricing
• Zoho Books: currencies
• Zoho Books: base currency adjustment
• Zoho Books: currency reports
• Zoho Books: multi-currency bank accounts
• Sage Accounting UK pricing
• Sage: foreign currency transactions
• FreeAgent pricing
• FreeAgent: bank transactions in foreign currencies
• FreeAgent: create a foreign currency invoice
• MYOB Australia pricing
• MYOB: working with multiple currencies
• MYOB: how multi-currency differs from AccountRight v19
• Bukku pricing
• Bukku features
• tofu Xero integration
• tofu bank statements to Xero

Checked against Xero, Intuit QuickBooks, Zoho Books, Sage, FreeAgent, MYOB, Bukku and tofu pricing and help pages in October 2026.