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Manual Journals - Journal in foreign currency and see FX rate on journal

Ability to process a manual journal in foreign currency and to pull the exchange rate on the date of the journal.

Purpose: It’s beneficial for organisations who are dealing and operate with multiple currencies

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi community, first off thank you for contributing and detailing why posting manual journals in a foreign currency is of interest to you all.

We appreciate our customers would like to see more capability in accounting for and dealing in foreign currencies across Xero.

In it's current form Manual Journals are a part of Xero that require some upgrade to uplift technology in order to provide capability for ideas like this to be considered. We have intentions of bringing attention to this over the coming year, however getting this done first is necessary before we can even think about adding newer functionality like journaling in another currency to the mix.

To set the expectation here, there is no work planned over 2023 for this feature. We know it's of high interest and when we're in a place to reassess we will share with you here.

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  • Julie Hepburn commented  ·   ·  Report

    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

  • Kyle Phillips commented  ·   ·  Report

    Hi @Kelly,

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

    Kindest,
    Kyle

  • Dianne Ryding commented  ·   ·  Report

    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.

  • Mark Jayasinghe commented  ·   ·  Report

    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.....)

  • Jacqui Retief commented  ·   ·  Report

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

  • Samantha Smyth commented  ·   ·  Report

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

  • Meaghan Riopel commented  ·   ·  Report

    Very disappointed to discover that I can not post a journal in a foreign currency!

  • Melanie Shanks commented  ·   ·  Report

    This discussion thread in Xero Central has 65 comments agreeing!
    https://central.xero.com/s/question/0D53m000068IVFLCA4/manual-journal-in-foreign-currencies

    Our base currency is USD, and we also use EUR and GBP. When I post a Manual Journal, the system automatically chooses USD, and there is no option to switch to other currencies, but is it possible to post a Manual Journal in EUR or GBP?

  • Emily Perretti commented  ·   ·  Report

    I genuinely cannot understand how this is not priority. We are having to switch to a different provider because a basic function is not being provided.

  • Kate Boulton commented  ·   ·  Report

    I find the way Xero is prioritising it's development strange. Everyone is asking for a basic functionality of posting manual journals in foreign currencies and instead we get new reporting, when the old reports seemed to work fine. I am definitely going to be looking at alternative options for my accounting software given this is not even on your radar for another 6 months.

  • Grace Wu commented  ·   ·  Report

    We have to look for alternatives due to Xero not able to post Manual journals in FX

  • Salonee Verma commented  ·   ·  Report

    This would be very useful. the amount of time wasted in work arounds due to an inadequate FX system in Xero (prepayments, accrued income, doubtful debts, etc etc) is ridiculous. Journal entries, payments, receipts, adjustments etc should all be possible in FX currencies. Adjusting everything every month is so unnecessary!!!

  • Raine Tan commented  ·   ·  Report

    Please enable manual journals in foreign currencies as soon as possible. Doesn't make sense to have to keep track of revaluations outside of the accounting system. Thanks!

  • Peter Haselden commented  ·   ·  Report

    A classic Sir Humphrey reply, lots of words, making little sense. Multi-currency Xero is definitely not.

  • Aleksej Michalik commented  ·   ·  Report

    Terrible response. We have begun steps to switch to a different accounting solution for the next accounting period. Xero scammed us with false promises of multi-currency support. The problems go much further than this issue. Multi-currency is broken across the whole application.

  • Sandra van Kool commented  ·   ·  Report

    That is a poor response. If you are not going to offer full functionality of multicurrency, then please stop selling Xero as a multi currency product. It is not.

  • Sandra van Kool commented  ·   ·  Report

    Absolutely critical. How can Xero market itself as multicurrency yet not offer basic multicurrency functions and reports.
    If anyone knows of a better FX accounting software, I'd love to hear about it. Looking for a change.

  • Anthony Bradshaw commented  ·   ·  Report

    The whole FX area of Xero needs to be revamped by providing currency journals and a significant improvement in the number of reports and the data in the reports. The right-hand column in the FX report is just rubbish.

  • Nicky Blay commented  ·   ·  Report

    It would make sense to be able to raise journals in the currency of the account the transactions relate to, with Xero making any conversions necessary in the background for the exchange rate on the given date.

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