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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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  • John Dowman commented  ·   ·  Report

    Any multi-currency package should have the ability to journal in different currency otherwise it is an incomplete multi-currency package.

  • Alison Watson commented  ·   ·  Report

    I can't believe this function, which is fundamental to a multi-currency package, still hasn't been given priority.

    When can we expect it to come onboard?

  • Mark Preston commented  ·   ·  Report

    this is important to us as we want to report our divisional P&Ls in USD (for the US team) and GBP (for head office) and the inability to post nominal journals in both currencies means that we cannot produce USD and GBP accounts straight out of xero - please can this be addressed asap

  • Jon Shepherd commented  ·   ·  Report

    This is a much needed feature. We have prepayments not in our base currency which are accrued monthly and are a time consuming manual process.

  • Ingrid Serritslev Talbot commented  ·   ·  Report

    I'm in the process of moving a foreign company over to Xero - one of the exciting aspects is (was) repeating journals which I have not previously had.

    But seeing that Manual Journals in multi-currency is not available is making me second guess myself.

    How can that actually be?
    This makes me very sad.

  • Mike Watts commented  ·   ·  Report

    This was an issue for some of our clients over 12 years ago when we first started using Xero, it's a shame that Xero as an international accounting solution does not deem the issue important enough to resolve. Another work around is to post a journal as a purchase invoice in the source currency to the required nominal code, and then raise a credit note to the contra entry, albeit a work around that should be required

  • Minnie Russnak commented  ·   ·  Report

    I cant believe I have found yet ANOTHER critical feature that has been hanging around for more than 10 years!!
    the only changes Ive seen in the last 3 years are not functional and are more of a hinderance than an advance into greatness

  • Ratul Sharma commented  ·   ·  Report

    Its becoming a necessary task for the Xero team to provide Non-based currency option in ManualJournal. we have been facing several issues for the customer point of view .
    Could you please advise when can we schedule this fix . I would suggest to fix before Q1 2025.

  • Ted Thomas commented  ·   ·  Report

    No work planned over 2023. We are now heading into 2025. What is the current status?

  • Lorraine Laplante commented  ·   ·  Report

    Allow journal entries to be entered in foreign currency and converted to base currency as some companies need to report in both when shareholder company is in one country but operating company is in a different country, difficult to reconcile due to/from and inter-company transactions when the two companies are in different currencies

  • Alison Watson commented  ·   ·  Report

    I've been requesting this for coming up 10 years now.

    Journals in non-base currency should be available in a multi-currency accounts package. (SOs and POs are possible in any currency, why not journals?)

    For us, we have deferred income every year (holidays booked in advance of the next financial year) over 15 chalets. Each chalet has gross sales, sales discount and agent commission. Sales are taken in GBP. Our base currency is EUR. The journals in EUR on Day 1 of the new FY distort our real sales figures as the sales are made over the previous 5 months and all journalled back to the P&L at the ex rate on 1 May.

    You say there's no work planned for 2023. Are there plans for 2025?

  • Sonya-Rose Bremnes commented  ·   ·  Report

    I have completely lost hope of this ever happening, lost trust in Xero's ability to listen to its users and their functionality concerns, and no longer use Xero for my clients. This has been very disheartening to watch the past few years. This request was first submitted in 2014. That was TEN YEARS ago. There has been NO RESOLUTION.

    Xero Product team - WHY ON EARTH are you ignoring your users that actually want to use your product, and are now being turned away to find other solutions as you won't engage with us about critical functionality? This is absurd. I have been monitoring this thread for years.

    I think I'm finally going to disable the notifications for new comments because now they just make me sad.

  • Salonee Verma commented  ·   ·  Report

    This is a basic feature in an interconnected world. We spend hours every month marking working on what were automatic adjustments in Quickbooks. Is this feature going to be rolled out? It matters a great deal to clients dealing in multiple currencies.

  • Bradley Smith commented  ·   ·  Report

    Hello Team

    I support the need for being able to raise journals in a foreign currency, as a file where you have different currencies you need to be able to do year end journals (and other journals during the year) in particular so you have records of what you did last year to ensure the current year can be actioned as required. Also it allows processes and entries to be reflected in appriopriate ways.

    The reply post above was for the 2023 year, we are now at the end of the 2024 year and it does not look like this project has progressed at all.

    Can we get an update on this and when the inital upgrade may happen.

    Thank you

  • Emily Perretti commented  ·   ·  Report

    It's mind blowing this feature still isn't available yet.

  • Declan Barry commented  ·   ·  Report

    posting of journal entries in multiple currencies is absolutely essential for any business enterprise

  • Aletta Agnes Nijmeijer commented  ·   ·  Report

    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.

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