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
AdminXero Team
(Admin, Xero)
shared this idea
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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Gareth Williams
commented
This is a totally standard feature with other packages, please add it urgently.
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Marika Muizniece
commented
Because we can't enter Manual journals in other currencies, we now have to recalculate the balancesheet account value manually on a monthly basis and post manual journals to reflect that. Xero can handle invoices & bills as well as bank entries / purchase ledgers in other currencies so this functionality would be great addition and hopefully not the most complex one. Just need to define that FX balances in Balance sheet accounts need revaluing every month whilst P&L entries can remain at spot rate.
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Malaka Madusanka
commented
Same problem here.
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Alan Bryon
commented
seems logical that if we can enter FC invoices we should also be able to enter journals for provisions in particular in FC.