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146 votes
Thanks for the added detail, everyone. It's good to be able to share this detail back with our teams.
Appreciate why Bank Rules won't help for cash accounts and where you don't have a bank feed coming into the account.
Being open, this isn't something we have plans for changing in the short-term. We'll leave the idea open for our product team to continue considering how we could improve efficiency in some of the situations you've described. If there are any updates we'll share this with you all here.
Columbus Okusonogu
supported this idea
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397 votes
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…
An error occurred while saving the comment Columbus Okusonogu
supported this idea
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5 votes
Hi 👋 your idea is being looked into by our Community team. We'll be in touch soon to update you once your idea has been reviewed.
Did you know you can join our Xero Research panel to be involved in early testing and research? Find out more and sign up through our website 🙂
An error occurred while saving the comment Columbus Okusonogu
commented
Dear Xero Product Team,
I am writing to formally propose an important enhancement to Xero’s reporting functionality, particularly for organizations operating in multi-currency environments.
Our organization operates in Nigeria, where the functional (base) currency is Naira (NGN), but a significant portion of our transactions — including partner cash calls, vendor payments, and funding arrangements — are denominated in United States Dollars (USD). As a result, both currencies are critical for financial reporting and decision-making.
Currently, Xero only presents financial reports (such as Trial Balance, Profit & Loss, and Balance Sheet) in the base currency. While foreign currency transactions are supported, there is no capability to generate reports that display both base currency and transaction currency values simultaneously.
This creates the following challenges:
1. **Loss of Value Representation Due to Repeated Conversions**
Transactions initially recorded in USD are repeatedly converted using varying exchange rates over time. For example, a USD 1,000 cash call received at the beginning of the year may appear as USD 950 or less in equivalent terms by year-end due to exchange rate movements. This does not reflect the true transactional value and creates inconsistencies in financial interpretation.2. **Audit and Financial Integrity Concerns**
The inability to report original currency values alongside base currency has raised concerns during audit review. There is a risk that financial statements may be perceived as lacking integrity, not due to incorrect postings, but due to system limitations in preserving and presenting original currency values clearly.3. **Operational Inefficiency**
To address this limitation, we are forced to rely heavily on manual Excel workarounds to reconstruct dual-currency reports. This introduces inefficiency, increases the risk of error, and reduces confidence in the reporting process.---
**Proposed Enhancement**
We propose that Xero introduces a **Dual-Currency Reporting Feature** across key financial reports, including:
* Trial Balance
* Profit & Loss
* Balance SheetThis feature should allow reports to display:
* Base Currency Amount (e.g., NGN)
* Transaction Currency Amount (e.g., USD)
* Currency Type (USD, NGN, etc.)
* Optional: Applicable Exchange RateThis would enable users to view both values **simultaneously in a single report**, without the need to run multiple reports or rely on external tools.
---
**Business Impact**
This enhancement would:
* Improve transparency and integrity of financial reporting
* Eliminate misleading fluctuations caused by exchange rate revaluations
* Enhance audit confidence and compliance
* Support industries with significant foreign currency exposure (e.g., oil & gas, import/export, and multinational operations)
* Reduce reliance on manual reconciliations outside Xero---
**Conclusion**
Xero has strong multi-currency transaction capabilities, but the reporting layer does not yet fully support the needs of organizations operating across currencies. Introducing dual-currency reporting would significantly strengthen Xero’s position for medium to large organizations in emerging and multi-currency markets.
We strongly encourage the product team to consider this enhancement as a priority.
Please see attached sample report layout demonstrating proposed dual-currency reporting structure.
Thank you for your continued efforts in improving the platform.
Kind regards,
Okusonogu Columbus NdukaColumbus Okusonogu
supported this idea
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4 votes
Hi team, I would recommend engaging our Developer community with you idea here where we have experts in the space of exporting and syncing data outside of Xero.
Columbus Okusonogu
supported this idea
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20 votes
Hi Yaseen, thank you for this incredibly detailed and well-thought-out suggestion for the Trial Balance report.
We can see how much manual work you're doing, combining exports from the GL Summary Report, just to create a "classic" comparative Trial Balance for your auditors. That's exactly the kind of difficult workflow we want to help improve.
Your proposal to enhance the report with separate debit/credit columns for comparatives, clear opening/closing balances, and a movement column for a selected date range is very clear.
We're grateful for your engagement and for letting us know the changes that matter to you. We've reviewed your idea and now it can gain support from other community members. Along with votes, others can now comment to share additional detail about how these reporting improvements would help them during audits and financial analysis.
Columbus Okusonogu
supported this idea
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11 votes
Aaah yes I get what you mean, thanks for coming back to clarify for me, Kevin. We'll leave the idea here to gather interest.
While this isn't something we have plans for atm, I'll update if there is any change around this to share.
Columbus Okusonogu
supported this idea
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16 votes
Currently, you can include an Exchange rate note in the Trial Balance report, however it's not possible to run this report in another currency.
We don't have any plans for extending the reports that can be run in a foreign currency atm, but it'll be good to get an idea of the interest for this here and we can share if there is any change.
Columbus Okusonogu
supported this idea
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Dear Xero Product Team,
I would like to bring to your attention a critical limitation in Xero’s current multi-currency functionality, specifically relating to **manual journal entries**.
At present, Xero only allows manual journals to be posted in the **base currency** of the organisation. While this may be suitable for single-currency environments, it presents significant challenges for organisations operating in multi-currency contexts.
---
### **Business Context**
Our organisation operates in Nigeria with Naira (NGN) as the base currency, while a substantial portion of our transactions — including partner funding, intercompany balances, and adjustments — are denominated in United States Dollars (USD).
In such an environment, manual journals are frequently required to:
* Record partner cash calls and equity contributions
* Post intercompany adjustments
* Recognise accruals and reclassifications in foreign currency
* Adjust balances for reporting and audit purposes
---
### **Current Limitation**
Because Xero restricts manual journals to base currency only:
* All foreign currency adjustments must be converted to NGN at the point of entry
* The original USD value of transactions is not preserved in the journal
* Subsequent exchange rate fluctuations distort the financial position
---
### **Key Issues Identified**
1. **Loss of Transaction Integrity**
When a USD-based transaction is recorded via manual journal in NGN, the original currency value is effectively lost. This makes it difficult to track the true economic value of the transaction.
2. **Exchange Rate Volatility Impact**
Due to repeated conversions at different rates, values fluctuate over time. For example, a USD 1,000 adjustment posted earlier in the year may no longer reflect its true value at reporting date, leading to inconsistencies.
3. **Audit Concerns**
The inability to maintain original currency values in journals creates challenges during audit reviews. It becomes difficult to justify movements and reconcile balances accurately, raising concerns about reporting reliability.
4. **Operational Inefficiency**
Significant manual effort is required outside Xero (e.g., Excel schedules) to track foreign currency positions, increasing risk of error and reducing efficiency.
---
### **Proposed Enhancement**
We propose that Xero introduces the ability to post **Manual Journals in Foreign Currency**, with the following features:
* Selection of **transaction currency** (e.g., USD, NGN, etc.)
* Entry of amounts in both:
* Transaction currency (e.g., USD)
* Base currency equivalent (auto-calculated or manually overridden)
* Capture of **exchange rate used**
* Storage of both:
* Original currency value
* Converted base currency value
---
### **Illustrative Example**
| Date | Account Code | Description | Currency | Exchange Rate | Debit (USD) | Credit (USD) | Debit (NGN) | Credit (NGN) |
| ----------- | ------------ | ----------------- | -------- | ------------- | ----------- | ------------ | ----------- | ------------ |
| 01-Jan-2026 | 3001 | Partner Cash Call | USD | 1,600 | 1,000 | - | 1,600,000 | - |
---
### **Expected Benefits**
* Preservation of **original transaction currency values**
* Elimination of distortions caused by repeated conversions
* Improved **audit transparency and traceability**
* Enhanced support for **multi-currency environments**
* Alignment with capabilities available in enterprise accounting systems
---
### **Conclusion**
While Xero has strong multi-currency capabilities in transactional modules (such as invoicing and bank accounts), the restriction on manual journals significantly limits its effectiveness in more complex financial environments.
Introducing foreign currency support for manual journals would greatly enhance the platform’s robustness, particularly for organisations operating across currencies.
We strongly encourage the product team to consider this enhancement as a priority.
Thank you for your attention and continued innovation.
Kind regards,
Okusonogu Columbus Nduka