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

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    63 comments  ·  For small businesses » Accounting features  ·  Admin →
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    submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi community, first off thank you for contributing and detailing why posting manual journals in a foreign currency is of interest to you all.

    We appreciate our customers would like to see more capability in accounting for and dealing in foreign currencies across Xero.

    In it's current form Manual Journals are a part of Xero that require some upgrade to uplift technology in order to provide capability for ideas like this to be considered. We have intentions of bringing attention to this over the coming year, however getting this done first is necessary before we can even think about adding newer functionality like journaling in another currency to the mix.

    To set the expectation here, there is no work planned over 2023 for this feature. We know it's of high interest and when we're in a place to reassess we will share with you here.

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    Julie Krassay commented  · 

    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.