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  1. Foreign currency - Change exchange rate behaviour

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    14 comments  ·  For small businesses » Accounting features  ·  Admin →
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    François Laisney commented  · 

    International Transfer
    One inputs in Xero the foreign amount, and Xero asks for the RATE on the day of the transfer. I think this is not right: Xero should asks for the AMOUNTS both in local currency (here, GBP) and in foreign currency, and then recalculate the rate from these amounts, rather than calculating the amount from the rate: the bank usually does so, but then adds fees which makes that the effective rate is not exact, hence inputting the rate always leads to inaccurate value and the need for an adjustment - for mere cents: quite a useless complication.

    François Laisney supported this idea  ·