AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
In Xero UK, multicurrency comes only on the Comprehensive and Ultimate plans; you add NGN as a currency, create a naira bank account, and Xero applies its own exchange rates, which you can override on an invoice. QuickBooks Online also has a multicurrency setting; check its UK help centre for your plan and whether the setting can be reversed before you turn it on. In both, keep sterling as the home currency for a UK company.
A UK company with a Nigerian client, supplier or team soon has naira invoices to raise and naira bank transactions to reconcile. Converting each one by hand into pounds before entering it is slow and loses the information you need for revaluation. Both of the common UK cloud ledgers can hold naira properly, if you set them up in the right order.
Before you start
- Home currency. For a UK company this is sterling, matching its functional currency. HMRC's manual notes most UK companies use sterling; see multicurrency bookkeeping for the rules.
- Plan. Check the plan includes multicurrency before you promise a client naira invoices.
- Rate policy. Decide whether you accept the software's rates or enter the rate you actually received. Write the policy down; HMRC asks for a reasonable, consistent approach (BIM39510).
Xero
Xero's UK site lists 'Use multiple currencies' on two plans only, as at October 2026:
| Plan | Price on Xero's page (excl. VAT) | Multicurrency |
|---|---|---|
| Ignite | Not listed for multicurrency | No |
| Grow | Not listed for multicurrency | No |
| Comprehensive | £5.50 a month for the first 6 months, then £55 | Yes |
| Ultimate | £7 a month for the first 6 months, then £70 | Yes |
Xero says you can invoice and receive payments in more than 160 currencies, with hourly exchange rate updates, and you can change the rate on an individual invoice. Check that NGN appears in the currency list when you add it; the page does not list currencies individually.
Steps in Xero
- Upgrade to a plan with multicurrency.
- In the currency settings, add NGN (Nigerian naira).
- Create a bank account and set its currency to NGN. Name it clearly, for example with the provider and the last four digits.
- For each Nigerian contact, set their default currency to NGN so new invoices and bills open in naira.
- Import or feed naira transactions into the NGN account and reconcile against the naira statement, not a converted figure.
- Where you know the rate actually received, override the rate on that invoice or payment so the realised gain or loss is correct.
- Use the foreign currency reports to review naira exposure and unrealised gains at month end.
QuickBooks Online
QuickBooks Online also offers a multicurrency feature for UK companies. We could not load its UK help pages for this article, so we do not state which plans include it or how it behaves. Before turning it on, check in QuickBooks' own UK help centre:
- Which plan you need.
- Whether NGN is in the currency list.
- Whether the home currency can be changed afterwards (assume not).
- Whether the multicurrency setting can be switched off again once used.
- How it revalues open foreign-currency balances at period end.
The set-up then follows the same pattern as Xero: switch on multicurrency, add NGN, create naira bank accounts, set Nigerian customers and suppliers to NGN, and reconcile in naira.
Getting naira statements into the ledger
Many Nigerian bank and fintech accounts do not connect to UK ledgers with a live feed. The usual route is a CSV or statement import. Map the date, description, amount and reference columns, and check the file does not convert naira to pounds before import. Our guide to importing Nigerian bank statements into Xero covers file formats.
Month-end routine
- Reconcile each NGN account to its statement in naira.
- Check open naira invoices and bills against the customer and supplier.
- Run the revaluation at the closing rate and save the rate source.
- Review realised and unrealised gains and losses; large movements usually mean a wrong rate or a missed transaction.
- Lock the period.
Invoicing a Nigerian client in naira
Raise the invoice in NGN from the start, with your UK company details, the client's details and the naira amount. If the client will deduct Nigerian withholding tax, agree in the contract whether your price is gross or net, and record the deduction against the invoice when you receive the WHT receipt, not as a bank charge. When payment arrives, match it to the invoice in the NGN account; the software then works out the realised exchange difference at the payment rate.
Common set-up mistakes
- Recording a naira invoice as a sterling invoice with a converted amount. Revaluation then cannot work.
- One bank account for two currencies. Each currency needs its own account.
- Mixing the software rate and the bank's rate without a policy.
- Treating a transfer between your own GBP and NGN accounts as income or expense. It is a transfer, with any difference booked as an exchange gain or loss and any fee as a bank charge.
Where Pryme fits
A Pryme Business Account gives separate GBP and NGN balances with their own statements, which map to separate ledger accounts. Each Swap shows the rate and the fee on separate lines, the two numbers your ledger needs for an exchange between your own accounts. The Finance agent can prepare the month-end reconciliation for a person to review.
Questions people ask
Does Xero support Nigerian naira?
Xero says its multicurrency plans handle more than 160 currencies. Check NGN appears in the list when you add it.
Which Xero plan has multicurrency?
On Xero's UK page in October 2026, Comprehensive and Ultimate list multicurrency; Ignite and Grow do not.
Can I switch off multicurrency in QuickBooks?
Check QuickBooks' UK help centre before enabling it, and plan as if the setting cannot be reversed.
How do I record a transfer from my GBP account to my NGN account?
As a transfer between two of your own bank accounts, with the fee as a bank charge and any rate difference as an exchange gain or loss.
Sources
- Xero UK: Use multiple currencies · accessed Oct 2026
- HMRC Business Income Manual BIM39510: foreign exchange, FRS 102 section 30 (updated 4 Aug 2026) · accessed Oct 2026
- HMRC Corporate Finance Manual CFM61050: non-sterling functional currency (updated 27 Aug 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.