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

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    104 comments  ·  Reports & tax » Manual journals  ·  Admin →
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    Accepted  ·  AdminKelly Munro (Community Manager, Xero) responded

    Hi everyone, thanks for all your feedback and highlighting the need for multi-currency manual journals, and being able to see the FX rate directly in the journal.

    We understand the needs in this space have close ties with this idea for being able to journal to bank accounts, and this is something we have intentions of doing deeper discovery around in the longer term. However, we want to be upfront that this work isn't roadmapped right now.

    Though we appreciate not the straight forward approach that you’re after here - currently you can create the journal via a bill in the relevant foreign currency. Entering positive and negative lines for the debit and credit entries, which results in a 0.00 bill total once approved. The bill lines are converted to your organisation’s base currency using the bill’s FX rate, and the transaction won’t revalue.

    As soon as there's movement…

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    Alison Watson commented  · 

    all these new features for dashboard etc but what we really want and need is to be able to post journals in any currency. When is it going to happen?

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    Alison Watson commented  · 

    I can't believe this function, which is fundamental to a multi-currency package, still hasn't been given priority.

    When can we expect it to come onboard?

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    Alison Watson commented  · 

    I've been requesting this for coming up 10 years now.

    Journals in non-base currency should be available in a multi-currency accounts package. (SOs and POs are possible in any currency, why not journals?)

    For us, we have deferred income every year (holidays booked in advance of the next financial year) over 15 chalets. Each chalet has gross sales, sales discount and agent commission. Sales are taken in GBP. Our base currency is EUR. The journals in EUR on Day 1 of the new FY distort our real sales figures as the sales are made over the previous 5 months and all journalled back to the P&L at the ex rate on 1 May.

    You say there's no work planned for 2023. Are there plans for 2025?

    Alison Watson supported this idea  ·