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Multicurrency - Support for new currencies & Bitcoin

To have the ability to add additional currencies that are not on the standard list.

Purpose: Business accept payments in Bitcoin and have no way to add that to the currency list. This would allow the ability to calculate tax, profit, and loss from the currency/cryptocurrency that the business is using.

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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submitted  ·  Mark Blundell responded  · 

Hello I am the product manager for the group within Xero which looks after the currency capability.

I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.

Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to support this in the way that needs to be done to allow proper accounting.

Digital currencies aren’t prioritised in the next year, but our group is working on other initiatives which lay the groundwork so that in the future I truly believe we will be able to justify working on crypto, and that what we produce will be world class.

I continue to monitor this thread and I look forward to sharing news that is more in line with what you hope for in the future.

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  • Humberto Alves da Rocha Neto commented  ·   ·  Report

    I really think it's a must have feature for Xero. Get at least the coins which have up to 80% of the total market cap would be amazing.

    If bot, I think just add: BTC, ETH and USDT would be a great first step and should help us a lot to track our transactions with those coins.

  • Paul Rudenberg commented  ·   ·  Report

    We would be interested in Xero, except there are a couple essential currencies currently unavailable, which I expect would be very easy for Xero to implement. We need to have the currencies XAU and XAG in Xero for our bookkeeping and accounting to function. xe.com has these currencies listed on their site and they are available through their API (which I believe Xero uses). I have easily been able to work with these currencies in the Odoo accounting software: https://odoo.com

    Here are these currencies on xe.com:
    https://www.xe.com/currencyconverter/convert/?Amount=1&From=XAU&To=XAG

    Please let us know if you can make these currencies available or what is necessary to put them on the Xero roadmap. Thank you for all your diligent work serving your customers.

  • Amber Scott commented  ·   ·  Report

    Some of our clients pay us in cryptocurrencies like bitcoin. Currently, this is the most manual part of our billing and accounting (ironic, yes?).

    There is a service called EukaPay that has automated flows, but the only Xero integration currently available is a payment link. We are not able to add this to our invoice unless it's the sole payment method (it gets lumped in with credit card payments).

    Either a pay with cryptocurrency option (separate from the cc, bank, etc.) payment option or a dedicated EukaPay integration would be awesome.

  • Next Ideas SEZC commented  ·   ·  Report

    Even just stablecoins such as USDC would be amazing. The lack of crypto support is likely to drive more and more people away from Xero.

    If this isn't sorted within the next few months, I suspect many of us will leave. In droves.

  • Don McAllister commented  ·   ·  Report

    We are getting requests from customers to pay in Bitcoin (BTC) as well as suppliers wanting to invoice in BTC. I really wouldn't focus too much on trying to adopt a wide range of crypto currencies but BTC should be a priority

  • Craig Duffield commented  ·   ·  Report

    This is a must as cryptocurrency is transitioning to the mainstream. Xero, please be ahead of the game. If you need advice with cryptocurrency payments, please email our company Pay It Now (PIN) at info@payitnow.io

  • Florent Duhazé commented  ·   ·  Report

    A lot of client are now paying in crypto and we can't manage that in Xero ?? How can we do ?

  • Chris Taylor commented  ·   ·  Report

    cryptocurrency is now very common why isn't it supported yet? you should at least allow us to add a custom currency

  • Rachel Roden commented  ·   ·  Report

    Really need this feature! More and more clients using crypio and bitcoin

  • Elizabeth Lee commented  ·   ·  Report

    Adding stablecoins as an available invoicing currencies is needed too!!

  • John Todorovski commented  ·   ·  Report

    Add cryptocurrencies to the exchange rates ASAP…our fiat banks are providing accounts in btc eth and usdc/usdt. Please have this implemented yesterday.

    I don’t need to explain the need in 2022 to support exchange rates for the most used cryptocurrencies which are already provided as exchange rates in xe.com .. why dont you at least add these in your dropdown list of currencies since xe.com supports them as it does normal fiat exchange rates?

  • Valeri N commented  ·   ·  Report

    This is very important for our company. We started using xero just because of the cryptocurrency. Why can't you add it?

  • Peter Coolican commented  ·   ·  Report

    We are very interested in accepting cryptocurrencies through our Shopify store, but we don't want a bulky backdoor approach or to have to subscribe and integrate another 3rd party app.

  • Brad Seeto commented  ·   ·  Report

    This is a great idea, if you need any help in developing this please get in contact with me.

    You can have th crypto currency working similar to the existing currency setup. A feed will need to be setup similar to the Xe.com feed you are currently using. It would be as simple as adding bitcoin in currency as opposed to USD or Euro. The function would be very similar.

    You could tidy up how the realised and unrealised gains are calcualted in the P&L, currently this has to be manually calculated.

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