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Xero - any updates on fx journals since June 2023?

To enable proper use of the multi-currency subscription, can you please add in options to allow multi-currency manual journals and registration of fixed assets in multi-currency.

Currently, we're only able to create invoices / bills in multi-currencies and still have to manually do a lot ourselves - hence why I think the multi-currency subscription isn't worth the extra cost.

I was under the impression Xero was multi currency so assumed it would be able to function in all areas with alternative currencies. I use these on a regular basis so now have to find a workaround as have only been using Xero for a few weeks. Please advise when this will be actioned as it certainly seems many people require it.

I record transitional accounts in a currency different from the reporting currency.
When I receive a deposit in a foreign currency, the transitional account must be reversed.
I then have to calculate the foreign exchange gains and losses separately, which is very difficult.
Please implement this as soon as possible.

Its 2024, over the past 5 years the world has developed several covid vaccines, mankind is worrying about the progress of AI, the UK has exited the EU, Russia invades Ukraine, tension and hostilities rise in the Middle East, India overtakes China as the populous country on earth, India and China are also in the space race, alongside Bezos, Musk and Branson, and flared trousers and Blink 182 are making a comeback.

Meanwhile..... Xero still can't post manual journals in multiple currencies, and says its not a priority despite everyone asking for it

Definitely something that needs to be implemented as soon as possible, its a nightmare trying to put simple transactions through without the feature. Why offer and charge people to use multiple currencies then you can't then do necessary work?

It is very important for intercompany reconciliation, to be able to input manual journals in foreign currency, and to generate reports where the original currency amount is shown.
Thanks for considering this in your next developments.

Hello,

At the moment, we can't change the currency for manual journals. Which makes it difficult for companies that work a lot internationally.

Also when booking bills, it would be cool when submitting the invoices to be approved, to get send automatically to the next one.

Thank you.

Any updates on this for 2024 ?? Really needed

Would it be possible to post manual journals in different currencies?

We definitely need this. I don't even understand why it hasn't been applied for years! Isn't this a basic accounting function?

Hi Xero, can you please make this a priority. It is definitely needed and has been for many years.
Please update all users on the advancement of this feature.

Kim, agree. Suggest you post it as a new comment, as am sure most xero users would have the same experience.

In my opinion there is the much bigger issue of the Bank Revaluation account being complete rubbish and the FX reports having columns the Xero Help desk don't even attempt to explain. Xero needs to sort out it'd basic FX processing as it doesn't work.

This would be of great value.
Our organisation has many projects which receive and payout in foreign currency. Every transaction is converted to AUD. Doing final journals in foreign currency would clarify transactions to the project manager. We currently provide a spreadsheet and manually convert the journals.
Very unprofessional.
Thank you

Hi @Kelly,

Much appreciated, would this be a realistic consideration for 2024?

Kindest,
Kyle

We use several foreign currencies and have to enter journals each month and at present are unable to do this in Xero. This would save us time and have reporting showing correctly in foreign currencies which at present we are unable to do.

I'd really like to see this feature incorporated into Xero....I currently have an asset denominated in another currency (a convertible note) and as this has now converted I need to move it to an Invesment account....it seems I can't journal in another currency or create an asset account in another currency (either would do)...Xero....lot's of people asking for this one and even if manual journals in FX isn't such a straightforward development, I would have thought an account denominated in a foreign currency isn't so difficult (as you have this already.....)

And to be able to assign a currency to a GL account would also be helpful for month end transactions.

This is disappointing as it means it so that it is not a multi-currency accounting software package