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312 votes
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.
Shannon Rands
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15 votesShannon Rands
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9 votesShannon Rands
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112 votes
Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to…
An error occurred while saving the comment Shannon Rands
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385 votes
Hi everyone, thank you for all the interest and we appreciate the needs for those using foreign currency to have more efficiency in how you process these bills for payment. Your feedback and votes here have not gone unnoticed - We have a team that have been doing some ground work in this space and at this time we have beta that we'd like to invite any UK customers to join and feedback to our team on the experience. If you'd like to be a part of this please fill in our form here and we'll be in touch.
We appreciate this idea is farther reaching than UK alone and while the beta is limited to this region for the time being, based on results we will look at expanding this to other places.
We'll keep you updated of further developments here.
An error occurred while saving the comment Shannon Rands
commented
Here's a conversation from Xero Support. Great timely communication, but the answer is hot garbage. Seems like people have been asking for this: Batch Payments for Foreign Accounts for a long time here, and Xero has no answers.
14 Feb 9:50 PM
Hi SThanks for reaching out.
As you've found, currently it's not possible to include foreign transactions in Batch Payments or Batch Deposits, or pay them to a foreign currency bank account in Xero. This is a request that's already been raised with us and I've found an idea that's similar to what you’re suggesting in our Xero Product Ideas. This is where our customers can share and support ideas for change.
I’ve included a link to this where you can view and support the current idea or create a new idea to share your thoughts.
Xero Product Ideas: Bills: Batch Payments - Batch pay multiple foreign currency bills
Kind regards
27 Feb 3:29 PM
Thanks, but when will foreign currency payments be available in batch form? I sincerely hope this is extremely high on the list of the developers and would like to see this implemented before Spring.27 Feb 6:31 PM
Hi SAs we make such a wide range of changes based on such a wide variety of factors, we can't always provide firm dates for when new services will be developed.
I’ve included some links to some Xero Central articles and the Xero Blog for more information.
Xero Central articles:
Xero releases
Partner Product releases
Xero Blog: How does Xero prioritise product improvements and feature requests?
Kind regards
Today 11:32 AM
Hi, is the batch payment option something that is currently being worked on/address/going to be added in 2023 to Xero? This is a new accounting system for us, and we are incredibly frustrated that foreign currency batch payments are not an option. I see many people complaining about it on the forums. I would hope that this is top priority for Xero developers. I do not find the answers given to me thus far to be even remotely acceptable.
Today 2:24 PM
Hi SCurrently, we're unaware of any updates, development roll out dates, or what stage of development this feature is in.
We suggest adding your comments to the Product idea surrounding creating Batch payments in foreign currency as they're directed to our Product team.
Also adding your vote to the Product idea helps flag that this feature is in high demand.
Kind regards
Shannon Rands
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Xero only allows .6 digits for the FX (example 1.234567) rate, and we require .12. Why is there such a small number allotted for the FX. When we trade money at the currency exchange between our accounts, we require in Xero to have the full amount of decimal points possible (in other accounting programs more than 12 are available) in order to do our conversions correctly. When will this be updated and resolved?