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

    309 votes

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    75 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.

    Shu Yan Tan supported this idea  · 

  2. Singapore Tax - GST F5 for foreign currency ledger

    11 votes

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    5 comments  ·  For accountants & bookkeepers » Xero Tax  ·  Admin →
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    submitted  ·  AdminHannah G (Admin, Xero) responded

    Hi everyone, we’d like to confirm that GST F5 for foreign currency ledger is not something we have plans to develop at this time. We’re still interested to get a clearer understanding of users that’d like to see this developed for Singapore tax, and will continue to track this through the conversation here.

    In the meantime, for those who aren’t already aware, in a Singapore organisation users can access the GST Audit report which shows the base currency, FX value and Singapore dollar value information you’ll need to meet IRAS requirements.

    As the GST Audit report doesn’t show the gains and losses needed for IRAS reporting, you can use the Foreign Currency Gains and Losses report to see this information.

    If there’s any change we will let you know on the thread here 😊

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    Shu Yan Tan commented  · 

    To have adjustment field for Box 5 taxable purchases, as once there is adjustment to be made to Box 7, Box 5 figure may be impacted.

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    Shu Yan Tan commented  · 

    To have an adjustment box for Box 5 Taxable purchases as well. After adjusting Box 7, Box 5 may be affected too.

    Shu Yan Tan supported this idea  ·