Multicurrency - Align exchange rate decimal precision between invoices and payments
Disclaimer: I am a user who manages the daily exchange rates in Xero.
I’d like to suggest three improvements to the exchange rate functionality:
Automatically apply exchange rates based on the selected date
When creating a Receivable or Payable Invoice, the exchange rate should be automatically populated based on the currency rules set under Accounting Settings → Currencies for the date selected by the user. This would eliminate manual input and ensure consistency.Allow higher or unlimited decimal precision
When setting daily exchange rates, please consider allowing unlimited decimal places, or at least a higher and consistent decimal limit across all currency transactions. Higher precision would result in more accurate converted amounts.Use consistent decimal precision between invoices and payments
Currently, the exchange rate supports up to 10 decimal places on the invoice but only 6 decimal places during payment/settlement. This difference can cause a different converted amount even when the same exchange rate is used, resulting in a Realised Currency Gain/Loss due to rounding.
For transactions settled on the same day, the invoice and payment should ideally use the same exchange rate and decimal precision, so unnecessary forex gains/losses caused by rounding differences can be avoided.
Thank you!
Vely Anjani
shared this idea
Appreciate you sharing this feedback. We understand the request to align exchange rate precision between invoices and payments to reduce rounding differences.
We’ve updated this idea to Gaining Support so we can continue tracking interest and comments from the community.
To clarify on your other suggestions, rates are populated using the transaction date and the organisation’s currency settings, with the option to override them using Set exchange rate. As such, you can set a custom exchange rate for a specific currency and date, and that rate will apply to new invoices and bills created for that date, helping keep them consistent
I’ve also found a similar idea covering your request for more than six decimal places in exchange rates and added your vote to the idea.
