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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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  • Sandra van Kool commented  ·   ·  Report

    That is a poor response. If you are not going to offer full functionality of multicurrency, then please stop selling Xero as a multi currency product. It is not.

  • Sandra van Kool commented  ·   ·  Report

    Absolutely critical. How can Xero market itself as multicurrency yet not offer basic multicurrency functions and reports.
    If anyone knows of a better FX accounting software, I'd love to hear about it. Looking for a change.

  • Anthony Bradshaw commented  ·   ·  Report

    The whole FX area of Xero needs to be revamped by providing currency journals and a significant improvement in the number of reports and the data in the reports. The right-hand column in the FX report is just rubbish.

  • Nicky Blay commented  ·   ·  Report

    It would make sense to be able to raise journals in the currency of the account the transactions relate to, with Xero making any conversions necessary in the background for the exchange rate on the given date.

  • Robyne Dole commented  ·   ·  Report

    manual journals to have the ability to select what currency you want them entered would be a game changer

  • Tanya Holtham commented  ·   ·  Report

    game changer for our international clients whom use multiple currencies

  • Sarel van der Walt commented  ·   ·  Report

    Game changer for us would be the ability to select the currency we would like the journal to be posted in other than the base currency of your entity. For example, for one of our clients, the base currency is EUR however their payroll is in CHF thus our payroll would need to be written in CHF and this cannot be done at the moment.

  • Brett Gosby commented  ·   ·  Report

    Typical none action from Xero ...... too busy trying to make a 'beautiful product' than a functional one ....
    Not really sure what they do over there .... remove reports users want to continue to use, but don't give them what they want and have been asking for for 9 years!...

  • Jason Antill commented  ·   ·  Report

    Simple example we have a USD intercompany loan in an AUD base currency file.
    We take up accurals for interest.
    I'm guessing my work around is to setup a Bank Loan in US$

  • Sonya-Rose Bremnes commented  ·   ·  Report

    Shocked this has been an "idea" since April 2014.... 9 years almost to the day. I can't imagine this is that difficult to code?! Yet would make a HUGE difference in being able to post both individual and recurring entries using the current spot FX rate. I have switched clients from QBO to Xero specifically for the better overall multicurrency functionality and reporting, however this is a glaring FX problem that seems to be continually ignored.

  • Alain Hollenthoner commented  ·   ·  Report

    Same here. Started looking at Odoo and other alternatives. The speed of development in Xero is clearly subpar.

  • Mike Harding commented  ·   ·  Report

    I occasionally come back to this post to see if there's been any progress here but it's depressing to observe that since the issue was first raised we have got through a global pandemic, economic recessions, 4 British PM's, one POTUS, a semi-global conflict and countless other milestones - good & bad. Xero, this really is ****. Thankfully, despite all of the above, we have grown as a business and we can soon afford to invest into a proper accounting system and will be waving goodbye anytime soon

  • Jacky Walker commented  ·   ·  Report

    The ability to add manual journals in foreign currency is a feature our business needs desperately

  • Andrew Wawrzyniak commented  ·   ·  Report

    Totally agree as well. This is a CRITICAL missing feature clients (and their accountants) desperately need, most people have to deal with multi currency these days. Also - message to Xero senior management - as a Chartered Accountant this is one of the main reasons I would recommend a client use Quickbooks over Xero. Maybe meditate on that will you?

  • Sandra van Kool commented  ·   ·  Report

    Desperately need ability to enter fx journals. Xero partner left us with an fx conversion balance in the GL I cannot clear. I also cannot extract AP or AR reports in USD.
    Totally agree with posted comments below.
    Please do not market Xero as multi currency with limited fx functionality and reporting.

  • Julie Krassay commented  ·   ·  Report

    Further to Brad Reynolds comment, manual journals are essential but it would be even better if Xero could add in functionality to allow balance sheet general ledger accounts to be recorded in foreign currency, which are auto revalued at each month end, and where the opening balance reports in foreign currency on GL reports - same as Accounts Payable, Accounts Receivable and Bank Accounts.
    We operate in Argentina and have a long term GST receivable (IVA or VAT) in pesos and also an intercompany loan receivable/payable in USD, both of which need to be manually revalued into AUD at the end of each month. Work arounds are to raise AR customer invoices for the GST & loan receivable (but this looks strange in AR), and to raise supplier bills for the loan payable (but this ends up in AP). Or to track FX transactions in a spreadsheet, add the FX, opening balance to get the closing FX balance then revalue each month end.

  • 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.

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