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Community > Feature Requests >

Reporting - Better reporting in non-base currency

Started by Carl Gibbs in Feature Requests | Idea

When I report in a currency other than my base currency, Xero converts all the individual transactions to my base currency at the time of the transaction, then converts it back to the non-base currency at the time of reporting. This is extraordinary useful for capturing my "real terms" position as currency fluctuation is taken into consideration over time, but it's extremely unhelpful for gaining an actual position in the non-base currency.

What I mean is if my base currency is AUD, and I have 1000 USD sitting in a US account and I report in USD, I see $999 due to currency fluctuations because over time I've transacted and those transactions occurred at different times with different conversion rates relative to Australia. While in Australian terms that $1000 is genuinely worth $999 as a result of the market fluctuation, I still have $1000 sitting physically in the account. I'd like the ability to "see" the $1000 as $1000.

To put some background around this. I'm an expat in the US operating freelance as a Sole Trader in Australia. I use Xero with my base currency set to AUD so I can generate and submit my BAS, tax return, etc. in Australia. The bulk of my expenses are in USD, so when I generate a P&L, for example, it converts my USD income/expenses to AUD using historical currency rates which is fantastic because I don't have to think about it. Everything gets reported to the ATO correctly in AUD.

I can also run reports in USD, and compare my expenses here in the US with similar expenses in Australia, make comparisons with previous years, etc. As I think of myself as Australian, I want to make sure I'm keeping up 401k contributions, have my life insurance correctly adjusted, etc. so my time in the US keeps my financial position stable in Australian terms.

The problem I have is that the US treats me as a resident for tax purposes, which requires me to report to the IRS my entire world-wide income regardless of origin. What I would like the option to do is report in USD, but for the purpose of that report treat USD as my base currency. This would allow market fluctuations in USD relative to AUD to properly reflect my assets/liabilities and income/expenses in Australia in USD-terms so I can accurately report to the IRS the same way Xero lets me report to the ATO.

I realise foreign currency is really complex, and I can see why Xero uses a base currency. What I just described is pretty straight forward with two currencies, but obviously gets really complex if there's a third or more! Maybe though if it was executed as a batch process on demand asyn in the background so I'd have to wait for notification to pull down the result - like how feed registration works - this would be perfectly fine. I'd also be happy with a cap on the number of times I could request it.
Merged: Allow reporting in different functional or base currency to home country

Despite being based in the UK, my company reports in US dollars, not sterling. I could get round the problem by setting up the company as a US company....except then i lose UK payroll and Vat reporting. I am sure there are a significant minority of companies in the UK that have small overseas offices that report in Euros or other european currency, or dollars as we do, and Xero would be perfect for them if it were not for this fact.

Darren Jordan

Hi Team,

I have a very similar problem to Carl. I live in NZ but own a business in the UK. I can run the business from NZ and pay tax in NZ and therefore my base currency is NZD. But the majority of my work and expenses are in GBP. As per Carls comments I cannot pull a report that is a true reflection of what is actually happening in the UK, and cannot match my budget to actual figures.


Stormey Devine

I have 20 clients waiting to get onto Xero but I cannot. They are UK based with USD functional/reporting/base currency. They need the UK payroll module and to be able to submit VAT. I cannot put them on a USD version e.g. the Antartica version for that reason. It would be great if this solution was expedited.

Amir Absoud

Similar issue here. We have companies who report in USD and we want payroll functionality/VAT functionality. This is a major shortcoming and needs to be fixed ASAP.

James Mahony

James Mahony - Agreed. I had to move several clients off Xero as a result. With Brexit knocking on our door, many companies are now setting up with USD or EUR functional currency and setting prices in USD/EUR to avoid further uncertainty with GBP wild fluctuations as of late.

Amir Absoud

Merged: reports in different currencies

Dear Xero

For my end of year accounts and the accountants in France I need to be able to print off a trial balance in both €`s for my € account and £`s for my UK accounts, I don`t understand why this feature isn`t possible, I cannot be the only company operating in 2 countries whose accountants request this sort of information. Please can we have a feature that allows each company within a company to be able to print of individual P&L, balance sheets and Trial balances and in appropriate currencies.


Claire Almond - Jones

Hi Claire - There's a thread already requesting similar functionality that I'm going to merge your post to.
Right now, if you use Multi-currency you can run the older versions of the Profit & Loss and Balance Sheet reports, and select 'More options' to change the currency the reports run.

Kelly M (Community Manager)

I was wondering if there was any progress with this? I live in NZ but most of my business is in the UK. I'd like to compare year on year and different parts of my business in pounds. Last year looks like more sales, but this is probably just down to the fact the exchange rate was better last year. If I ever sell my business I would like to show growth/changes that are not affected by exchange rates.

Stormey Devine

We need to be able to print the profit and loss and balance sheet in the actual currency the transaction occurred in. Converting the transaction to base currency and then back again to foreign currency at a given reporting date is not adequate for foreign reporting requirements.
The detail is available however opening each line item to see the original foreign currency amount is not efficient. There are a lot of entities that need to report in more than one jurisdiction and the information is all in Xero - the reports just do not give what is required.

Sharon Norman

How is this not fixed already. The tool know's the currency for every single account, so why isn't it just not converting for the ones already in the reporting currency? This is super frustrating as it reports totally wrong numbers

Carl Gibbs

I am able to run the balance sheet & income statement in a number of currencies. You just have to select the relevant currency before running the report. What would be helpful and is not possible is to run the trial balance with a number of columns with each column displaying the currency of the original transaction. That would certainly be useful. You will have to do that manually and there are a number of ways of doing so. If you are good with Excel you can set up templates with macros that does that for you. That is what I currently do. Would be good to know if Xero intend to introduce that functionality which I agree would be very useful.

Amir Absoud

Merged: Currency Option to generate GL and TB

Most of our clients are using Multi-currency and most of them are also requiring reports using Functional currency,Transaction original currency etc. Essentially, to compute tax due or other payable to regulating bodies, we have to convert the data into local currency. Upon audit, we are also required to provide various reports in both functional currency and local currency.

Currently, only those coming from Purchase and Sales module can be generated in multi currency. Would it be possible to consider the same option on generating GL and TB? Please also consider the same enhancement with other reports..

We also would like to request if possible to provide options of information we wish to include upon generating the report. Ex. forex rate used ( upon entry); Supplier name. Ref. No., etc.

Thank you

Basilisa de lara

I cannot understand why Xero's new reports do not include the multi-currency function. I need to report on actual currency sales for Euro, US$ and Sterling. I have been told that the only report that has this function is the OLD transaction report. But having tried this report, you can only select one sales account at a time thereby having to produce several reports and manually merge them and then split them into the currency transactions.

I need to to this for years 2014, 2015 and 2016, so you can imaging this is taking considerable time to produce what I need. One year took me half a day to get the required report into a spreadsheet with the total figures for the year required.

I would like to know why this functionality was taken away when the NEW reports were provided. Surely you have more than one client who is using multi-currency, or am I the only one??

Come on Xero, get the reporting sorted so I can spend less time on manually creating the information from several reports.


Jacqui Deadman

Ditto. Want to be able to report in the currency in which the transactions occurred (USD) rather than have them converted to AUD at the time then converted back when choosing a different currency in the old (better) P&L reports.

My business has changed to being mostly in USD. Can I change my base currency from AUD to USD to make life easier?

Voyager Performance

Hi, you cannot automatically change your base currency but you can improvise to report in USD. To do that you would need to do monthly revaluations of your balance sheet balances. It is a manual exercise and is the only way to keep your base as USD. Not ideal.......

Amir Absoud

Reporting in USD doesn't actually report in USD, it reports your Australian position in USD. All USD transactions are converted into AUD at the time of the transaction and back into USD at the time of the report, which means the balances of all the US-based accounts don't add up to what is physically in the USD bank accounts. It's virtually useless.

Carl Gibbs

Thanks. Yes I'd found that reports in USD did not match the originals as they have been converted USD->AUD then back to USD at the time of the report. Only the old (better) reports allowed the currency to be selected anyway.

I wanted to change my base currency on existing subscription.

Only way to do so appears to be to commence a new account with the base currency as USD. Means another subscription and importing everything across.

It has prompted me to look at QuickBooks Online from the US site, so that currencies and account categories and tax forms are more aligned to US business practices. Interestingly it allows import of Australian bank accounts eg CBA and multi-currency and is slightly cheaper.

Voyager Performance

Merged: Foreign Currency Report


Although we are a UK limited company, we trade in both the UK and the US, we have bank accounts in both GBP and USD and submit tax returns in USD in the US. I'm trying to find reports that support this process. The key issue I'm struggling with is that all the reports seem to convert any USD transactions to GBP, and I would like to see transactions in their native currency.

Specifically the reports I'm trying to find are:
1. All sales invoice line items (not invoice totals) for a specific account, for a specific region, output to include Customer/Contact and net amount in native currency (USD)
2. All purchase transactions for a specific region, output to include account, contact, and net amount in native currency (USD)

Thanks in advance for any help


Julia Bell

Hi Julia, as you've noted most reports in Xero are currently in the orgs base currency, although some of the older reports do have the option to view data in the original currency entered. More detail here on monitoring foreign currency movements in reports.
We've had requests for better reporting in non-base currency, and I'm going to merge your post in with those so we can keep all these similar thoughts together.
For now, you may find the Receivable Invoice Details report most helpful for the data you've mentioned. Though it doesn't report amount in original currency, you can adjust the report settings to view the currency code and exchange rate.

Kelly M (Community Manager)

Merged: Foreign currency conversion of cash summary

Hello Xero team,

I am wondering why you don't have a possiblity to convert cash summary into foreign currency along with balance sheet and P&L? We have a US subsidiary and need to produce management report in US dollars along with GBP. While I convert balance sheet and P&L into USD automatically, I need to convert cash summary manually, which is very inconvenient.

Kind regards,

Irina Lomova

Merged: change currency in reports

We use the tracking feature to track client funds. However, for many of our clients, we need to track in a foreign currency. So for example, our base currency is GBP (£), but we pay a disbursement for a client of $100 (USD), and invoice the client for $100, which the client pays in dollars. So the client owes us now nothing. But when running the report, it shows that we owe the client £0.24, due to the exchange rate differences between the two transactions. This makes it hard to know if there really is an amount outstanding or not. In one case, the difference is nearly £200, and I'd need to manually check every item for this client to see if there is a mistake or it's just due to exchange differences.

Andrew Walters

Merged: Expense Claims - run a report within Xero to see source currency

We currently add expense claims in multiple currencies into Xero and then pay in these currencies.

Xero allows you to add expenses/invoices/bank accounts in multi currencies but then you can't run reports in those currencies only base GBP currency.

We add an expense in Euros and then want to be able to run a report within Xero to see Expense Claims in their source (foreign) currency so that we can use that report for the amount we need to pay.

Can this functionality be added.

Sally Townsend

When is this going to be fixed? It seems like reporting for multi-currency has gone backward in the SIX YEARS since I posted this question. Not only is the original problem not fixed, but now the new reports don't even support non-base currency.

It is mind-boggling, especially in light of how expensive the multi-currency plan is, how such basic functionality as being able to report accurately in each currency. It only makes sense to convert to and from the base currency when doing reporting in the base currency, why would anyone EVER express any currency relative to the market movement?

Carl Gibbs

Does anyone know how many "votes" are needed until Xero start working on a fix.

I do agree the multi currency tariff is really expensive especially when it doesn't actually support the genuine needs of a business trying to operate with multi currencies.

Sally Townsend

I have the exact same problem. Having a UK limited company with most income/expenditure in Euros. I pay taxes in both countries and payroll mostly in the UK.
The issue is that I need the REAL value of Euro expenditure and income rather than it being converted back and forth.
Is there any any any chance this could be added? It seems crazy that this doesn't exist yet!


Nadine Vaas

We had to come up with a custom made solution in Xero which is far from ideal but resolves the issue. This is until the functionality in Xero is enhanced/ introduced which I do not see being done in the near future.

Amir Absoud

G-Accon recently released a multi-currency converter. All generated by G-Accon for Xero Add-on reports such as AR, AP, Invoices, BS, P&L, etc. now have the ability to be displayed in your chosen currency. Your real-time updated reports will be automatically updated in your selected currency without any additional action required. Learn more here: https://blog.accon.services/2019/10/20/multi-currency-conversion-in-g-accon-for-xero-reports/

yelena tretyakova

We need to produce financial reports in different countries in the currency entered into Xero (I.e. SGD$, CAD$ NZ$) yet have a global snapshot of our position in USD (our base currency). We can not use report figures that are converted back and forth between our base currency (USD) for financial reporting as these do not represent the exact amounts collected and paid in our bank statements.
I can not see that Xero offers this feature. Am I missing something as the information is in the system - right? Can this be true?
Does Xero offer the ability to generate reports in a currency other than the base currency without currency conversion?
This is an IMPORTANT feature.

Paul Hodges

Hi Paul,

This is indeed not a feature but I have designed a workaround for my clients which ticks that box. It is not ideal but it meets this requirements. If there is a way there is a will. Happy to give you some tips depending on your requirements.



Amir Absoud

Any tips would be appreciated Amir. Please let me know how is best to get in touch because at the moment it appears I have to recreate the set of accounts.

Paul Hodges

Hi, you can reach me on accounts@upstreamly.com and provide me with your contact details. I can provide you with some ideas to tackle that issue.

Amir Absoud

There appears to be a growing disparity between "Small Business" (what Xero is aimed for) and the use of multi-currency. Perhaps years ago, small business didn't do a lot of multi-currency transactions but as Xero's popularity and use overseas has grown and the world has changed, multi-currency is now very much part of small business.

What Xero currently does in relation to FX is so basic it is 'wrong'/useless for many cases.

Problem is you can't even get the FX data used exported in any efficient way to even attempt to 'fix' the report and make them useful manually yourself.

Nor can you post journals in foreign currencies.

FX accounting is complex (other accounting systems use a concept of 'natural', 'home' and 'reporting' currency views). My suspicion is that to do FX 'properly' is such a deep architectural change for Xero to implement, the cost of doing so is difficult to justify given the low hanging fruit of subscription growth that is available without doing it..... Shame but commercials (aka profit) are winning out here I guess.....

Jonathan Pollard

HedgeFlows.com offers simple, accessible solution for SMEs to secure exchange rates for foreign currency APs / ARs when they are recorded on balance sheet. This simply neutralises the currency effects, while helping you preserve foreign currency journal entries intact and independent on you Xero currency settings. We also have a concept of prebooked exchange rate that works well with budget rates for Micro enterprises, greatly simplifying how a small business deals with FX. We are working with UK-based accountants and their clients to add more functionality, please reach out to us at hello@hedgeflows.com if you think we could help!

Alex Axentiev

Disappointed that the supplier invoice report has gone from US and Canada entity reporting. This report allowed seeing the invoice amount due in the currency of the Supplier rather than the base currency of the reporting entity. It was very useful when reporting in CAN and paying in USD. The suggested workaround to add exchange rate and then drop to excel to work it out is not a satisfactory answer. If been invoice USD100 then want to pay USD100 and see it at a glance in reports, not with a workaround. Fortunately, this supplier invoice report is still available in UK and Aus entities - please do not get rid of it from these profiles.
29 11 2021

Carolynne Spencer