Enter your idea

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

game changer for our international clients whom use multiple currencies

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.

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!...

Please add this feature

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$

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.

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

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

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

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?

Desperately need ability to enter fx journals. Xero partner left us with an fx conversion balance in the GL I cannot clear. I also cannot extract AP or AR reports in USD.
Totally agree with posted comments below.
Please do not market Xero as multi currency with limited fx functionality and reporting.

Further to Brad Reynolds comment, manual journals are essential but it would be even better if Xero could add in functionality to allow balance sheet general ledger accounts to be recorded in foreign currency, which are auto revalued at each month end, and where the opening balance reports in foreign currency on GL reports - same as Accounts Payable, Accounts Receivable and Bank Accounts.
We operate in Argentina and have a long term GST receivable (IVA or VAT) in pesos and also an intercompany loan receivable/payable in USD, both of which need to be manually revalued into AUD at the end of each month. Work arounds are to raise AR customer invoices for the GST & loan receivable (but this looks strange in AR), and to raise supplier bills for the loan payable (but this ends up in AP). Or to track FX transactions in a spreadsheet, add the FX, opening balance to get the closing FX balance then revalue each month end.

So, according to your Xero article here:

https://www.xero.com/blog/2018/11/multi-currency-enhancements/comment-page-1/?WPACRandom=1676880377#comment-496364

we should be having a "beautiful, seamless experience in multi-currency reporting".

So, why is it, then that, FOUR YEARS after that article was written and NINE (YES, NINE!) YEARS after someone first asked for it, we are still waiting?

Stop spending time on staff meetings and focus groups to work out what shade of teal a button should be or if that button should be a bit more to the left or the right and spend it, instead, on things that actually matter to the people who are paying you to care.

Crickets from Xero.
Is someone working on this?

That is very critical but also some detail to back up the Bank revaluation account

This is very important and beneficial for our company.

This is a very important function for an account supporting foreign currencies. Can't believe this is not available as it is a function in Quickbooks.

@Christian that doesn't actually solve the problem we are having. Our issue is that if you have a euro invoice then you pay it in euros the next day, it creates an FX difference because it forces it to convert into GBP (or whatever your default currency is).

There is a simple work around for this. Just create an invoice or bill to "accounting manual journal" as a contact and put in your journal entry so that the total equals zero. You can choose any currency this way. We use this for all of our accrual adjustments with our contracts not in the base currency.