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2 results found
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7 votes
Thank you for rounding back, Scott. I’ve changed your idea slightly here, so it’s sounded more CNH currency instead of bank feeds. This is because, before bank feeds for CNH can be implemented, CNH currency needs to be enabled first.
In saying that, we’ll keep an eye on this idea to gauge the interest from the community here :)
An error occurred while saving the comment An error occurred while saving the comment 
Alexey Dmitriev
commented
One of the largest banking corporations - OCBC, and its branch in Singapore, trades Chinese Yuan as CNH. Our business have 4 accounts EUR, USD, SGD and CNH in OCBC, all feeds coming in perfectly except for CNH (screenshot attached). This feels like a small adjustment to the Xero platform that will enable seamless workflow for us and others that I can't think of any reason of not having it enabled. Even the exchange rate platform that Xero integrates with (xe.com) has this currency with all its data (screenshot shown) so the integration effort really is minimal.
Please consider enabling CNH as soon as possible as that will make a world of a difference for us and others in the similar situation.
Thank you!
An error occurred while saving the comment Alexey Dmitriev
commented
Hi, We've just ran into the same issue. One of the largest banking corporations - OCBC, and its branch in Singapore, trades Chinese Yuan as CNH. Our business have 4 accounts EUR, USD, SGD and CNH in OCBC, all feeds coming in perfectly except for CNH (screenshot attached). This feels like a small adjustment to the Xero platform that will enable seamless workflow for us and others that I can't think of any reason of not having it enabled. Even the exchange rate platform that Xero integrates with (xe.com) has this currency with all its data (screenshot shown) so the integration effort really is minimal.
Please consider enabling CNH as soon as possible as that will make a world of a difference for us and others in the similar situation.
Thank you!
Alexey Dmitriev
supported this idea
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10 votes
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 😊
An error occurred while saving the comment Alexey Dmitriev
commented
Yes, this is vital. To Explain for ease of understanding and encourage quicker implementation:
Singapore government requires that company reports in a currency that it most transacts in. In our case, our chart of accounts and reporting is in USD and the GST F5 Return (that we're mostly switched to Xero for) option is NOT available in the menu.
Could you please make it be possible to have the GST F5 Return option for an organisation in Singapore who's accounts are kept in currency other than SGD?
Thank youAlexey Dmitriev
supported this idea
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Hi, We're about to open our second CNH account, this time with DBS Bank of Singapore. Could you please enable the CNH currency ? We understand that there aren't hundreds of votes for this functionality, but it seems like such a basic and simple feature that should be there already. Would a product manager be able to attend to this please ?
Thank you in advance