Chart of Accounts - Ability to assign Foreign Currency to an account
I would like to be able to have a foreign currency account in the COA other than bank accounts. If an invoice is received and paid in a foreign currency, it should show as the foreign currency as the source, not the base currency. This affects loan accounts a lot and if invoices are paid from a loan account, instead of a bank account, you can't keep the currency consistent.
Eileen Zinsli
shared this idea
Thanks for support in this idea, everyone.
We can see the benefit being able to associate a currency to an account could would have for customers in helping keep transactions consistent in their source currency.
This isn’t currently on our roadmap, but it’s something our team will consider as they plan the future of multi-currency across Xero.
We’ll keep an eye on the feedback here and make sure to share if there are any updates, with you all.
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Rob Hollingsworth
commented
It should be possible to open balance sheet accounts in foreign currencies so suppliers / customers accounts in foreign currencies can be posted to these. This would then give a consolidated view of how much is owed in each currency. Of course, on the balance sheet itself the values would be restated back to the base currency, but having foreign currency AP/AR accounts would make sure you can manage those currencies better. I know that QuickBooks has this functionality.