Mition now offers Multi-currency support for Events and Subscriptions using Stripe.

GST

The General Ledger includes the applicable GST rates for various countries. For example, Australia has a GST rate of 10%, while New Zealand is set at 15%. Currently, there is no use of GST for purchases.

Stripe

The Stripe integration offers flexibility for handling foreign currency transactions in two ways:

• Users can add a foreign bank account to which funds in different currencies will be automatically transferred.
• Alternatively, users can maintain their default Australian bank account, with any foreign funds being transferred there after deducting currency conversion fees.

Users who have set their country in their profiles will see pricing for events in available foreign currencies, while users in Australia (or those who have not specified a country) will see pricing in AUD. Pricing that is free, such as Members Free or set to $0, will be displayed across all currencies without requiring separate entries.

Xero

The Mition platform can direct any foreign funds to different General Ledger codes within Xero, allowing for customised financial management. It is important to have a Xero subscription that supports multi-currency functionality to fully utilise these features.

Recommendations

• Monitoring compliance related to GST is each organisations responsibility. Ensure your are charging GST when appropriate for your organisation.
• Clear communication with users about their currency settings will enhance their experience. For Mition customers who plan to have a mix of users from different countries, turn the 'International' setting on in Admin settings, this ensures when a user registers they select their country currency on login and this in most cases is set for them by default based on their browser country and language preferences.
• Verifying the necessary Xero multi-currency subscription. You may need to upgrade your Xero plan to handle multi-currency support.