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Manual Journals - Journal in foreign currency and see FX rate on journal

Ability to process a manual journal in foreign currency and to pull the exchange rate on the date of the journal.

Purpose: It’s beneficial for organisations who are dealing and operate with multiple currencies

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi community, first off thank you for contributing and detailing why posting manual journals in a foreign currency is of interest to you all.

We appreciate our customers would like to see more capability in accounting for and dealing in foreign currencies across Xero.

In it's current form Manual Journals are a part of Xero that require some upgrade to uplift technology in order to provide capability for ideas like this to be considered. We have intentions of bringing attention to this over the coming year, however getting this done first is necessary before we can even think about adding newer functionality like journaling in another currency to the mix.

To set the expectation here, there is no work planned over 2023 for this feature. We know it's of high interest and when we're in a place to reassess we will share with you here.

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  • Anthony Bradshaw commented  ·   ·  Report

    That is very critical but also some detail to back up the Bank revaluation account

  • Sarah Little commented  ·   ·  Report

    This is very important and beneficial for our company.

  • Jena Scott commented  ·   ·  Report

    This is a very important function for an account supporting foreign currencies. Can't believe this is not available as it is a function in Quickbooks.

  • Emily Perretti commented  ·   ·  Report

    @Christian that doesn't actually solve the problem we are having. Our issue is that if you have a euro invoice then you pay it in euros the next day, it creates an FX difference because it forces it to convert into GBP (or whatever your default currency is).

  • Christian DeAngelis commented  ·   ·  Report

    There is a simple work around for this. Just create an invoice or bill to "accounting manual journal" as a contact and put in your journal entry so that the total equals zero. You can choose any currency this way. We use this for all of our accrual adjustments with our contracts not in the base currency.

  • David Waterfield commented  ·   ·  Report

    Just do it. Stop faffing around. Universally applicable in any country.

  • Jay Houghton commented  ·   ·  Report

    this is a basic requirement of any accounting system, if Xero can't do the basics why trust it with anything?

  • Michael Law commented  ·   ·  Report

    It is a painful exercise each month determining the GBP equivalents for the currency accounting journals that are required. I can't understand how you can have conceived of a system that allows the posting of bills and invoices in multiple currencies but then doesn't allow posting of journals in currency too!

  • Yuan Yuan Goh commented  ·   ·  Report

    Hopes Xero IT teams can take the action as quickly as possible to allow manual journal in a foreign currency because this is a basic requirement for an accounting software.

  • Tom Fan commented  ·   ·  Report

    Any progress allowing manual journal in a foreign currency?

  • Jingjuan Yao commented  ·   ·  Report

    Please allow manual journal in a foreign currency

  • Suzanne Murphy commented  ·   ·  Report

    I agree with everyone else on this request and have to add journal entries in another currency as an Accounts Payable Invoice to get the right value into Xero as this facility is not available - totally illogical to me.

  • Fannie Ang commented  ·   ·  Report

    Please allow manual journal in a foreign currency. This is important and basic requirement for an accounting software.

  • Emily Perretti commented  ·   ·  Report

    I agree. Not being able to manual journal in a foreign currency is tough for us.

  • Ciara Scanlan commented  ·   ·  Report

    MJEs can currently only be posted in system base currency. Although we are Euro functional, we operate with other currencies, and need to be able to post entries in non-Euro currencies.

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