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As you can see from the note above, I flagged this as a weakness in 2013, so I'm not holding my breath for this to be implemented. It does suggest that this forum is really a waste of time.

Yes this is another of those items that were only half completed by Xero and needs to be finalised

We have a lot of suppliers in foreign currency that is prepaid so would be great if Xero could facilitate this

@Andrew Don't get you hopes up that Xero would listen. In the 5 years since we subscribed to Xero none of the Ideas we supported/voted for and none of the bugs we reported got implemented or fixed.

We are trying to import data from Amazon into Xero. Due to receiving money in different currencies we are unable to do this. In order for our business to work efficiently we need this.
Any suggestions about timelines would make using Zero a viable option.

The ability to allocate overpayments to foreign currency bills.

Currently we can only post an overpayment in GBP. There is then no functionality to allocate this payment to a foreign currency invoice. There are a few work arounds all not very ideal and cumbersome.

The ability to either allocate these to foreign currency or create an overpayment in the foreign currency that would then allow the allocation of the overpayment would save a great deal of time and effort.

We recently migrated our client from QuickBooks, they are not too happy with the work arounds and much prefer the way QuickBooks worked. Bit of a sticking point for them.

Thought I'd post the below from Xero support in case it helps anyone, but it's not a great workaround for me, that's for sure!

'Currently it's not possible to add a prepayment in a non-base currency in Xero.

In the meantime, you could do one of the following:

If there's no income or tax recording requirement, you can record the payment using an overpayment transaction. This will create a credit in your customer's or supplier's account that can be applied to the invoice or bill once it's generated.

If there's an income or tax recording requirement:

Create a spend or receive money transaction (according to the payment type) in the contact's name, and code it to a 'prepayment' balance sheet type account. This will record the bank account transaction, however it won't show on the customer's statement / supplier's account.
Create a credit note (customer or supplier) coding it to the same prepayment account and using the same tax treatment transaction used in the previous step. This will record the payment on the customer or supplier account.

Once the actual invoice or bill is created:

Enter the invoice or bill in the usual manner.
Edit the credit note so that has the same date as the invoice or bill.
Apply the credit note to the invoice or bill.
Create a manual journal to clear any residual balance out of the prepayment account, to Realised Currency Gains/Losses account (default 499).'

I need this option, it is very important for my organization.

What will it take to get an update on this; XERO customers are global businesses

Prepayment functionality for foreign currency transactions is crucial, especially for multinational corporation. MNCs frequently deal with foreign suppliers and customers, making prepayments a common practice for securing goods or services. Without proper prepayment support in Xero for foreign currencies, it becomes challenging.

Prepayments are basic bookkeeping and fundamental to the accruals basis of accountancy. It's astonishing to me that I can't record a prepayment in Xero in a currency other than our base currency. This isn't a nice to have, it's absolute basics.

This is such a no brainer. I cant understand how any company dealing internationally can stay with Xero whilst this remains unfixed. I have to putthrough payments as overpayments just so that the whole international currency thing will work. This was way easier in MYOB and at $5 per month I would consider gfoing back as Xero offers very little improvement if any.

Too many customers need this function and the work arounds are too time consuming. This needs to implemented now. Thank you.

Also the ability to mark a selection of invoices or bills as paid in your non-base currency. A simple feature that 10 years later is still not possible.
I am moving to a system called iPlicit.

This idea dates back to 2013, and Xero has done absolutely nothing about it in more than 11 years. It really amazes me that Xero has not implemented a multi-currency prepayment flow, but there is one for overpayment. It does not make any sense to me at all. Every day, Xero convinces me that I should stop using their software. I am definitely not adding new customers to Xero.

Its very important function and a must for companies dealing in multi-currency. Please add the service.

A much-needed addition to your service, please.

Highly essential for businesses dealing with multi-currency transactions. Would simplify so much for us!

This is a must have for international businesses.

It's ridiculous to see that Xero does not allow multi-currency prepayment booking without it creating fx difference in the prepayment GL when it is to be recognized in the relevant reporting period that the transaction relates. This is needs to be sorted as soon as possible, please.