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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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Jan-Daniel Belmonte shared this idea  ·   ·  Report…  ·  Admin →
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  • Ian Simpson commented  ·   ·  Report

    This is quite essential for currencies like VND, LAK, IDR and KHR.

    For example, 100 USD today is (from Google) 2,540,502 VND

    100/2,540,501.95 works out to an exchange rate of 0.0000393623.

    New Invoicing is truncating this to 0.000039.

    100/0.000039 works out to 2,564,102.

    Somehow we've just lost 23,600 VND.

  • Mike Powers commented  ·   ·  Report

    I have the same problem with Cross-currency payments. I have found that Xero only allows 6 significant figures (or 5 decimal places) which isn't enough as it constantly throws up US$.01 or US$.02 rounding's or FX differences, which would be alleviated by using 6 decimal places or 7 significant figures. As a long term user of multicurrency systems, I would highly recommend the Xero increase the fx rates allowed to 6 decimal places or 7 significant figures to improve the fx conversions on Cross-currency transactions and eliminate fx differences.

  • Wiwik Priyatmi commented  ·   ·  Report

    We are member of big group company, when doing consolidation, the balance of trade creditor/trade debtor for some entities are not tally because of the number is different although with small number.

  • Roland Chevtroika SADA commented  ·   ·  Report

    Totally agree!, these obstacle become bottleneck for operational specially the one that use forex as transactions!

  • Naga Krishnan commented  ·   ·  Report

    Does Xero have a roadmap for allowing 4+ decimal places

  • Lewis Loroghwa commented  ·   ·  Report

    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.

  • Johann Botes commented  ·   ·  Report

    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.