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1. Manual Journals - Journal in foreign currency and see FX rate on journal

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   104 comments  ·  Reports & tax » Manual journals  ·  delete…  ·  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.

   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… more

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   Julie Krassay commented  ·  21 February, 2023  ·  Edit…  ·  delete…

   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.

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