At TaxTank, we are committed to providing seamless and efficient solutions for managing your financial transactions. Currently, our system supports bank feeds exclusively in Australian Dollars (AUD). However, we understand the importance of accommodating multiple currencies for our users who deal with foreign transactions.
Current Capabilities
While our bank feeds are limited to AUD, TaxTank offers a currency converter within the Holdings Tank. This feature allows you to convert and manage foreign currency holdings effectively.
Future Enhancements
We are actively working on expanding this functionality in Bank Feeds to include PayPal, Wise and other financial platforms. We are continuously enhancing our platform and expect to introduce solutions for managing foreign currency transactions in the coming months. These enhancements will further simplify the process of tracking and converting foreign transactions, making it easier for you to maintain accurate financial records.
Interim Solution
In the meantime, we recommend the following approaches to manage foreign transaction accounts:
Manual Bank Setup for PayPal, Wise and Other International Transactions
If need to convert multiple transactions to AUD for tracking income and expenses, we recommend setting up a manual bank in TaxTank.
Follow these steps:
Download Transactions: Export your transaction history from PayPal or Wise.
Convert to AUD: Use the ATO's monthly conversion rate to convert the necessary transactions to AUD.
Import Manually: Manually import the converted transactions into TaxTank for accurate tracking.
This method ensures that all your foreign transactions are properly accounted for in AUD.
Allocating Foreign Transactions to a Custom Personal Category
If you have only a few foreign transactions that don’t need to be tracked as income or expenses, you can allocate them to a custom personal category. This approach is ideal for minimal foreign transactions.
Here’s how to do it:
Add Your Bank: Use Open Banking to link your bank account with TaxTank.
Create a Custom Category: Set up a custom personal category in TaxTank.
Allocate Transactions: Assign your foreign transactions to this custom category.
This method keeps your foreign transactions organised without affecting your income or expense tracking.