TaxTank lets you manage overseas bank accounts in their original currency, while automatically calculating the Australian dollar values needed for tax purposes.
Each bank account is assigned a single currency, allowing TaxTank to accurately reconcile your balances, apply exchange rates and calculate Australian dollar values for reporting and tax.
Your bank account tile and unallocated transactions remain in their original currency so you can easily reconcile against your overseas statements, while TaxTank converts everything to AUD behind the scenes for reports, graphs and tax calculations in line with ATO requirements.
Foreign Currency Bank account balances
Once you've added a foreign currency bank account, via live bank feeds (where available) or manually, both the bank balance and the TaxTank balance stay in the original currency, and the tile itself displays that currency. This makes it simple to check TaxTank against your overseas bank statements at a glance.
Allocating foreign currency transactions
When you allocate a foreign currency transaction, TaxTank:
displays the original foreign currency amount
suggests the exchange rate that applied on the transaction date
lets you override the suggested rate if needed
calculates the Australian dollar amount used for tax purposes
Viewing foreign currency conversion details
Once a transaction is allocated, the Transactions tab shows the original foreign amount, the exchange rate used, the AUD equivalent, and the allocation details.
Foreign currency transactions are also flagged at the Tank level (e.g. income and expense tabs) with a foreign currency icon. Hover over it to see the original amount and exchange rate used, so you can identify and inspect source transaction data at a glance.
System wide exchange rates
For all system-wide calculations, TaxTank converts foreign bank balances to AUD using rates from Open Exchange Rates, refreshed every six hours. You can view the latest rates on the Bank Feeds overview at any time.
One currency per bank account
Each bank account in TaxTank can only have one currency assigned to it.
For example, you can create a bank account in:
AUD
USD
GBP
EUR
However, you can't have multiple currencies within the same bank account.
If you use a multi-currency provider such as Wise, Revolut or PayPal and hold balances in different currencies, you'll need to create a separate bank account in TaxTank for each currency you want to track. This ensures balances, reconciliations, exchange rates and tax calculations remain accurate.
FAQs
Q: Why is my bank account displayed in the original currency?
A: So you can easily reconcile it against your overseas bank statement.
Q: Why are my reports shown in Australian dollars? Australian tax returns must be A: prepared in AUD, so TaxTank converts foreign balances and transactions automatically.
Q: Can I change the exchange rate?
A: Yes, during allocation you can override the suggested rate.
Q: How often are exchange rates updated?
A: Every six hours, via Open Exchange Rates.
Q: Where can I see the exchange rate used for a transaction?
A: On the Transactions tab after allocation, or by hovering over the foreign currency icon within your Tank.
Q: Can I export foreign currency transactions?
A: Yes, including allocation details, exchange rates, and AUD values, via CSV export. This can be done from the 'Transactions' tab at the bank account level.
Q: Does TaxTank automatically calculate Australian dollar values?
A: Yes, using the exchange rate used at the time of allocation.
Q: Why does my Net Asset Report differ from my bank balance?
A: Your bank balance is shown in the original foreign currency, while the Net Asset Report converts it to AUD using the latest exchange rate.
Q: Can I have multiple currencies in the same bank account?
A: No. Each TaxTank bank account can only have one currency selected. If your bank or provider supports multiple currencies, simply create a separate bank account in TaxTank for each currency (for example, one USD account and one EUR account). This allows each currency to maintain its own balance, exchange rates and Australian dollar tax calculations.