Exchange rates - More than 6 decimal places
Exchange Rate - Allow more than 6 decimal places.
For conversions from smaller currencies (e.g. 1 KRW = 0.00071 USD), users need the ability to place more than 6 decimal places in order to get the exact currency conversion for the transaction. QuickBooks allows this so I don't see why Xero can't implement it as well.
Xero Central suggested that I make adjustment entries in my Realised Currency Gains account and I find it ridiculous to have to do it than just being allowed to input exact numbers in my original transactions.
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Roland Chevtroika SADA commented
Totally agree!, these obstacle become bottleneck for operational specially the one that use forex as transactions!
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Naga Krishnan commented
Does Xero have a roadmap for allowing 4+ decimal places
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Lewis Loroghwa commented
Totally agree. Alternative, Xero can add an potion to rotate the rate (e.g. 1408.45KRW/USD instead of 0.00071USD/KRW). This will greatly increase the productivity of accountants in regions with smaller currencies eliminating the need to recalculate rates.
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Johann Botes commented
Increase the number of decimals, based on currency requirements.
Certain Middle Eastern countries has up to three decimal places in their home currency.
Although rounding becomes applicable, the overall impact throughout a financial year does add up.
With the default setting of two decimal places, it would be great to have an option to select different number of decimals, based on the selected reporting currency.