Multicurrency - SGD Conversion Box for GST Compliance in Foreign Currency Invoices
Dear Xero Team,
I hope this message finds you well.
I would like to propose a feature enhancement to support businesses in Singapore that operate with a base currency other than SGD but are required to comply with IRAS GST submission guidelines.
Under current IRAS requirements, when issuing invoices in a foreign currency, the GST amount must also be presented in SGD using the prevailing exchange rate at the time of supply. However, in Xero, when the organisation's base currency is not SGD, there is currently no built-in field or conversion box to show the SGD equivalent of the GST amount on foreign currency invoices.
To ensure compliance and streamline reporting, it would be extremely helpful if Xero could introduce a conversion field/box in foreign currency invoices that:
Automatically converts the GST amount to SGD, using the applicable exchange rate;
Displays this SGD GST amount clearly on the invoice, as required by IRAS.
This enhancement would greatly benefit companies managing cross-border transactions while meeting local tax regulations.
Thank you for considering this suggestion. I’d be happy to provide more context or examples if helpful.
Renee Chong
shared this idea
Thanks for your votes and comments on this idea for a SGD conversion box for GST compliance. It's clear this is a feature many of you would like to see in Xero, and we really appreciate you sharing your feedback. For now, it is possible to use the Reference field to include the SGD value of the transaction. We’ve reviewed this idea and while we can see the value it would bring, it's not currently on our short-term development roadmap. We'll be keeping an eye out for more interest (votes), as these are a key factor in helping us decide what we build next.
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Renee Chong
commented
Dear Xero Team,
I would like to propose a feature enhancement to support businesses in Singapore that operate with a base currency other than SGD but are required to comply with IRAS GST submission guidelines.
Under current IRAS requirements, when issuing invoices in a foreign currency, the GST amount must also be presented in SGD using the prevailing exchange rate at the time of supply. However, in Xero, when the organisation's base currency is not SGD, there is currently no built-in field or conversion box to show the SGD equivalent of the GST amount on foreign currency invoices.
To ensure compliance and streamline reporting, it would be extremely helpful if Xero could introduce a conversion field/box in foreign currency invoices that:
Automatically converts the GST amount to SGD, using the applicable exchange rate;
Displays this SGD GST amount clearly on the invoice, as required by IRAS.
This enhancement would greatly benefit companies managing cross-border transactions while meeting local tax regulations.
Thank you for considering this suggestion. I’d be happy to provide more context or examples if helpful.