Profit & Loss - Use Average currency value when reporting in an alternative currency
When presenting the Profit & Loss in a different currency from the file currency the exchange rate is as the last date of the Profit & Loss Statement (P&L). While this is appropriate for the Balance Sheet it is not so for the P&L. I would like to be able to extract a P&L report knowing the figures are based on an average exchange rate for the period as opposed to a single date rate.
Michelle Simons
shared this idea
Appreciate you sharing your idea here, Michelle.
In the way Xero works at present the exchange rate is based on the end date of a report or the set exchange rate that was used.
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Sias Smith
commented
To add to the above the methodology used by Xero results in previous month income statement changes. When reporting to banks or shareholders it makes it very difficult to keep having to go back to previous month changes. Balance sheet must be at period end rate and income statement based on the average of the period selected.