Organisation Settings - Setting up a UK company with a non-GBP base currency
We have a UK based client who have a presentational and functional currency in USD. There is no possibility of setting up this company correctly on Xero, as Xero only lets UK organisations use the base currency on GBP to link easily to taxonomy.
It would be very helpful if this could be set up.
Jonathan Harrop
shared this idea
Hi Jonathan, when you say presentational and functional currency is USD - does the organisation pay taxes in the US? If so it would be recommended that you pick US when setting up the org.
Alternatively, if US is one of the currencies that the org regularly deals and transacts in but pays taxes in the UK it would be recommended that you select UK and the client is on an org that includes multi-currency in it's plan.
We appreciate customers would like to see more capability with currency in Xero - most recently we have added the ability to run the newer Profit & Loss, Balance Sheet and Budget Variance reports in other currencies an org uses.
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Marise Heydenrych
commented
This is very important functionality for European companies with a UK subsidiary where they prefer to have a Euro functional currency. We see this quite often. Xero, please make a plan.
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James Macfarlane
commented
i have the same problem as Jonathan. The base currency needs to be USD otherwise the P&L, balance sheet, etc, has incorrect fx differences reported (with a GBP base currency and running any report in USD). We also have a USD budget, etc.
Jonathan did you find a solution for this, or an alternative provider? Xero is great for the bank linkage but the reports are too inaccurate for a USD financational and presentation currency and I feel like using excel will give a better result :/