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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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Accepted  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi everyone, thanks for all your feedback and highlighting the need for multi-currency manual journals, and being able to see the FX rate directly in the journal.

We understand the needs in this space have close ties with this idea for being able to journal to bank accounts, and this is something we have intentions of doing deeper discovery around in the longer term. However, we want to be upfront that this work isn't roadmapped right now.

Though we appreciate not the straight forward approach that you’re after here - currently you can create the journal via a bill in the relevant foreign currency. Entering positive and negative lines for the debit and credit entries, which results in a 0.00 bill total once approved. The bill lines are converted to your organisation’s base currency using the bill’s FX rate, and the transaction won’t revalue.

As soon as there's movement surrounding this idea we'll share an update with all of you here.

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  • Brad Reynolds commented  ·   ·  Report

    So, according to your Xero article here:

    https://www.xero.com/blog/2018/11/multi-currency-enhancements/comment-page-1/?WPACRandom=1676880377#comment-496364

    we should be having a "beautiful, seamless experience in multi-currency reporting".

    So, why is it, then that, FOUR YEARS after that article was written and NINE (YES, NINE!) YEARS after someone first asked for it, we are still waiting?

    Stop spending time on staff meetings and focus groups to work out what shade of teal a button should be or if that button should be a bit more to the left or the right and spend it, instead, on things that actually matter to the people who are paying you to care.

  • 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.

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