Chart of Accounts - Ability to assign Foreign Currency to an account
I would like to be able to have a foreign currency account in the COA other than bank accounts. If an invoice is received and paid in a foreign currency, it should show as the foreign currency as the source, not the base currency. This affects loan accounts a lot and if invoices are paid from a loan account, instead of a bank account, you can't keep the currency consistent.
Carl Gohringer commented
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.
Sandey Wang commented
I think it is important to add foreign currency for any balance accounts, especially long term fixed assets, such as foreign properties, loans, investments.
Magnus Lamprecht commented
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.
Accounts Continuum commented
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.
Rob Hollingsworth commented
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.