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Spencer McNally commented "Currently Xero allows bank accounts to be denominated in foreign currencies other than the base currency, but doesn’t allow this for other types of assets and liabilities

The net effect of this is that a business trading across multiple jurisdictions and multiple currencies cannot use Xero to produce accurate financial statements."

I couldn't agree more. Xero allows for multiple bank accounts in different currencies (which by extension implies that Xero wants to be used by businesses operating across borders) but doesn't allow for asset purchases in a local currency. So in my view multi-currency support is half-baked. And, as Spencer McNally stated above, the fact that we cannot run accurate financial statements if we have assets purchased in different countries largely defeats the purpose of using Xero...doesn't it?

I also have loan balances and other assets denominated in other currencies on the balance sheet. This will be extremely helpful

Enable payments to asset and liability accounts in foreign currency, instead of only original currency the account was set in. This allows for invoice or bill payments in foreign currencies to be paid by the foreign currency asset or liability accounts without having to convert to the original currency. It will also help generate accurate transaction report of the asset and liability accounts, reflecting accurate transactions.

This is extremely important to me. I have foreign currency assets and liabilities and need to be able to understand my up to date balance sheet at today's FX rates each month.

Working with assets coming from two different currencies than the company currency, as it did not allow me to change the currency from LAO Kip to USD when I registered the Xero account, and it looks like this thread has been running since 2022,,,what is the chance it will be given any regard now??

Currently Xero allows bank accounts to be denominated in foreign currencies other than the base currency, but doesn’t allow this for other types of assets and liabilities

The net effect of this is that a business trading across multiple jurisdictions and multiple currencies cannot use Xero to produce accurate financial statements

For example, let’s say that I operate a hotel business and that I own properties in a number of different countries and currencies. Assume that my base currency is EUR but let’s say that I also trade in Mauritius (MRU).

Now assume that I want to buy a new hotel property in Mauritius. Xero allows me to transfer funds from my EUR bank account to my MRU bank account and reflect the transaction in the correct currencies, but the fixed asset account for the new property can only be denominated in EUR, which means that the value of the property is henceforth fixed in EUR when it should be fixed in MRU.

This means that if I subsequently pull a MRU-denominated balance sheet report for my MRU assets, and the EUR has (say) appreciated against the MRU in the interim, the reported MRU cost of the property will reduce when it should instead stay constant.

Among other things, this plays havoc with tax calculations, as the base cost of the asset changes every time the exchange rate changes.

It would be great if Xero managed to upgrade to provide for this functionality. Maybe there is a way to create a "backstage" card which will keep the foreign currency, so you have in parallel General Ledger account in your chart of accounts in functional currency and linked to it card, which keeps the information of the transactions in the currency assigned to that card.

I will fully support this change. Because of our company's trading is mainly in USD, we need to keep USD as our base currency. But, most of our other balance sheet accounts are still transacted in SGD. So, if we have option to keep opening balances of those accounts too in non-base currencies, we can handle accounts better.

This would also be useful for VAT accounting where trading occurs within different jurisdictions (e.g. through branches in different countries).

It is essential when managing subsidiaries in different countries

Fully support this change.

I was struggling to find a way to record a loan to another company in a foreign currency on the balance sheet.

I think it is important to add foreign currency for any balance accounts, especially long term fixed assets, such as foreign properties, loans, investments.

In my opinion, in order to keep up with other product offerings out there it is essential that this functionality is brought in. Loans and certain assets are very often in other currencies, and keeping track of these manually outside of Xero is counter-productive to what Xero is trying to achieve in its full automation claims. Even small programs such as VT+ has this functionality.

We run multiple companies in different currencies that all have to be pulled together in GBP. On the old style reports you can change the currency for the P&L and BS to GBP but this is not possible on the new reports that we will have to use from July 2023.

It should be possible to open balance sheet accounts in foreign currencies so suppliers / customers accounts in foreign currencies can be posted to these. This would then give a consolidated view of how much is owed in each currency. Of course, on the balance sheet itself the values would be restated back to the base currency, but having foreign currency AP/AR accounts would make sure you can manage those currencies better. I know that QuickBooks has this functionality.