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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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  • 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.

  • Robyne Dole commented  ·   ·  Report

    manual journals to have the ability to select what currency you want them entered would be a game changer

  • Tanya Holtham commented  ·   ·  Report

    game changer for our international clients whom use multiple currencies

  • Sarel van der Walt commented  ·   ·  Report

    Game changer for us would be the ability to select the currency we would like the journal to be posted in other than the base currency of your entity. For example, for one of our clients, the base currency is EUR however their payroll is in CHF thus our payroll would need to be written in CHF and this cannot be done at the moment.

  • Brett Gosby commented  ·   ·  Report

    Typical none action from Xero ...... too busy trying to make a 'beautiful product' than a functional one ....
    Not really sure what they do over there .... remove reports users want to continue to use, but don't give them what they want and have been asking for for 9 years!...

  • Jason Antill commented  ·   ·  Report

    Simple example we have a USD intercompany loan in an AUD base currency file.
    We take up accurals for interest.
    I'm guessing my work around is to setup a Bank Loan in US$

  • Sonya-Rose Bremnes commented  ·   ·  Report

    Shocked this has been an "idea" since April 2014.... 9 years almost to the day. I can't imagine this is that difficult to code?! Yet would make a HUGE difference in being able to post both individual and recurring entries using the current spot FX rate. I have switched clients from QBO to Xero specifically for the better overall multicurrency functionality and reporting, however this is a glaring FX problem that seems to be continually ignored.

  • Alain Hollenthoner commented  ·   ·  Report

    Same here. Started looking at Odoo and other alternatives. The speed of development in Xero is clearly subpar.

  • Mike Harding commented  ·   ·  Report

    I occasionally come back to this post to see if there's been any progress here but it's depressing to observe that since the issue was first raised we have got through a global pandemic, economic recessions, 4 British PM's, one POTUS, a semi-global conflict and countless other milestones - good & bad. Xero, this really is ****. Thankfully, despite all of the above, we have grown as a business and we can soon afford to invest into a proper accounting system and will be waving goodbye anytime soon

  • Jacky Walker commented  ·   ·  Report

    The ability to add manual journals in foreign currency is a feature our business needs desperately

  • Andrew Wawrzyniak commented  ·   ·  Report

    Totally agree as well. This is a CRITICAL missing feature clients (and their accountants) desperately need, most people have to deal with multi currency these days. Also - message to Xero senior management - as a Chartered Accountant this is one of the main reasons I would recommend a client use Quickbooks over Xero. Maybe meditate on that will you?

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