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  1. Profit & Loss - Use Average currency value when reporting in an alternative currency

    5 votes

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    1 comment  ·  For small businesses » Accounting features  ·  Admin →
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    Gaining Support  ·  AdminKelly Munro (Community Manager, Xero) responded

    Appreciate you sharing your idea here, Michelle.

    In the way Xero works at present the exchange rate is based on the end date of a report or the set exchange rate that was used.

    It's now up to the community to get behind and support your idea here. Make sure you share this with any colleagues that this could benefit so they can add their vote too!

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    Sias Smith commented  · 

    To add to the above the methodology used by Xero results in previous month income statement changes. When reporting to banks or shareholders it makes it very difficult to keep having to go back to previous month changes. Balance sheet must be at period end rate and income statement based on the average of the period selected.

    Sias Smith supported this idea  ·