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Multi-Currency: Allow Foreign Currency Asset/Liability Accounts

Started by Hans de Ruiter in Feature Requests | Idea

Right now, only bank accounts can be in a currency other than the base currency. It would be useful if different currencies were possible for other account types too.

I currently have two situations currently where I need "Current Assets" balances in a foreign currency. The first is a clearing account, which is in USD (while my company is NZ based). The second situation is US withholding tax, which is deducted from payments to my company by a US company that we work with.

While creating a fake bank account is a viable workaround for the clearing account, it isn't for the withholding tax. The reason is that you cannot choose a bank account as target in an invoice, so you can't record the withholding tax along with the received funds.
We have a company in Cambodia where USD is used as the common currency although Riel is the official currency. I have trouble setting up current assets in USD.
 

Dayle Hooker

Canadians hold US Stocks, that pay dividends into an account. I was quite disappointed that Multi Currency is only "Bank Feeds". What is the point then...
 

Gordon Berg

We have an Australian parent company and a US subsidiary. The AU Co has assets and liabilities that we value in USD (loan accounts). At times we also want to have the US Co have a liability in AUD. Currently I have to look up the exchange rates and manually add journals to get the equivalent values (very 1990's!)

It is something that Saasu does very well. The transactions to the account have a currency field (in the API) and the Balance sheets are reported in the company's base currency. Not sure I could go back to Sassu for our four companies, as I love Xero much more, but would be fantastic if you can add this one.

Thanks for considering.

Matt.
 

Mathew Verdouw

We have loans in USD and GBP which we service by converting our base currency - GHS. Am new to Xero and am stuck. Quick Books handles this simply by allowing you to set the currency of the liability / asset account. Please consider introducing this feature as soon as possible. Thanks
 

Anthony Mensah

Hi, Do we know if it still the case that it isn't possible to post a currency other than base currency to an asset/liability account.? We run in GBP as base but would like to run an interco loan account in USD and revalue each month.. The only other way is to revalue manually and post a journal each month but that seems very old school..
 

Claire Windsor

I have the same problem and would appreciate this feature being added.
 

Jamie Bettles

Same here, we have multi-currency online cash balances which don't work like a bank feed but will have forex movements every month. The Xero revaluation process is great with our foreign bank accounts, we need the same facility for our other current asset balances!
 

Zoe Wong

I make prepayments into a USD account that I then spend at a later date. I would like that asset account to be a USD account not AUD.
 

Sam Dey

Please add this! I receive USD deposits for work and then balances paid upon completion of work. I need to store these deposits into a USD asset account. Otherwise the local currency asset account (Deposits Received) is erroneously trying to manage forex differences when no exchange of currency has occurred.

So, I cannot use an asset account yet. I tried bank account, but I cannot allocated invoice lines to a bank account.

Xero has not left us any choices to truly work in a global market. We pay a higher fee to use a multi-currency account but are not really getting true multi-currency support!
 

Bill Girimonti

I need this facility for foreign currency equity investments
 

Peter Leonhardt

In this global economy this feature is needed badly. I don't want to have to pay exorbitant fees with myob for the privilege when xero is so much better
 

Roslyn Atkins-Sawant

Doesn't seem to be much action on this one.I would have thought it would be a fairly easy fix and much in demand.
 

Peter Leonhardt

Would love to see this feature. Given that Foreign Currency Claims has been 5 years in the making, I'm hoping there might be some cross-over in code that also enables multi-currency ledgers. Let's see!
 

Lee Benson

I would also like to see source ccy and reporting ccy on the GL where the underlying GL accounts have multi ccy functionality and not just accounts set up as bank accounts.

Agree with some of the other users that the lack of multi ccy functionality is very limiting for Xero and its use, especially given it is operating in a global economy.
 

Franci van der Walt

I voted for this now - a critical fix for us to adopt Xero.
It is also linked to the need for a good inter-entity loan module that can reconciel entries in source currency (see this thread: https://community.xero.com/business/discussion/2802456#answer42048348)
 

Duncan Gutsche

The ability to make foreign currency journals is also very important. As is the ability to tag a ledger account to revalue. Most multi-currency systems allow for this - why not XERO.
 

Werner Van Kets

I'm really disappointed in Xero for not adding this basic feature. They've been adding "bling" features instead of core accounting requirements. Saasu has had this support for years. I only left Saasu because at the time they did not have payroll, but now they do and they are half the cost of Xero. I'm planning to take our four companies back to Saasu when the financial year ends.
 

Mathew Verdouw

@Mathew Verdouw: Never heard of Saasu and a Google search did not yield any results. Do you have a link I can checkout?

Xero moves w a y t o o s l o w to deal with issues & omissions and I am seeking alternatives at this point.
 

Bill Girimonti

Merged: Multi-Currency updates

It would be exceedingly useful if we could specify accounts such as loans as foreign currency denominated and they would auto-translate/update to the relevant rand values at period end.
 

Katherine Louw

We have several multi currencies in multiple accounts type which is not constrained to only bank, AR and AP. Therefore, it is definitely beneficial if XERO open up the option for editing of other account types to be multi-currency too.

If the current XERO version does not cater to that, is there any other alternative or add-on we can tap on to make this happen?

Eg. Advance payment to suppliers is in the form of SGD, USD and EUR and my reporting currency is in USD. However, we do not want to post the amount directly into Accounts Payable (AP) as the transactions should be kept separately for reconciliation purpose.
 

Jason Ngim

When can we expect the implementation of this functionality? It is crucial for any business operating business internationally.
 

Oskar Pecyna

The country we are operating is a cash driven economy. We have to accept multi-currencies payment and put them in the office SAFE and with the accounts staff as Petty Cash - so that the sales people can get cash advances.

It would be great if Xero allows Current Asset items such as Pre-Payment, Petty Cash,etc to be in multi-currency.
 

Andrew Tan

One more vote here. We have a loan provided in a foreign currency and I am not able to present it as it is because there is no such functionality. Also I meet the same issue when there is prepayments in foreign currency and use separate prepayment account for the supplier.
 

Gergana Karapereva

I voted for this almost two years ago and not seen any updates - this is an integral feature required for any business operating internationally.
 

Zoe Wong

Critical functionality for any business operating internationally.
 

Jorge de la Mora

Please, please, please add this functionality - we have Xero entities set up in different currencies across 6 different jurisdictions with different currencies and have multiple intercompany accounts (loans, management services, license agreements, capital/investments) which we need to be able to book in foreign currency and have (some of) them revalue so that they eliminate upon consolidation.
 

Ciaran Gunne

I am surprised that this feature has not been added yet. Please can you add this important feature so foreign currency assets and liabilities can be revalued. The cashflow statement is rendered useless where you have assets and liabilities in demonination other than Book currency. Also, when you add this feature is it going to be possible to convert the previous set up banks to asset and liability accounts?
 

Carrie Fox

Hi Carrie and all.
Since adding my vote to this i have seen/heard nothing.
We are now actively exploring alternative accounting platforms.
Hopefully Xero wakes up to these & other NB critical features/enhancements which have been specified, up-voted & pleaded for - but ignored.
 

Duncan Gutsche

It is disappointing to see that after so many months nothing has been done. It seems that Xero does not care about businesses operating internationally. We might consider switching to another accounting platform. Does anyone have any suggestions for a cloud-based platform having multi-currency functionality?
 

Oskar Pecyna

I can't add a current asset in foreign currency, which create headache, please make this function available. thanks
 

Amy Mao

I am absolutely shocked to find that I am unable to add a foreign currency-denominated liability in Xero. This is a basic requirement and is a complete dealbreaker. Back to QuickBooks, where multi-currency functionality is available for all items in the COA.

NB: It is also very frustrating to not be able to see the dates of the above contributions to this discussion, and thus be able to assess how long this frustration has been expressed with no action taken from Xero.
 

Lori Manthey

Long time outstanding

I am using banks for current loan accounts
 

Peter Leonhardt

FYI my first post on this goes back at least 6 years - it is safe to say that this will never get done.

In my case, the main accounts I needed were loan accounts between companies. eg for an AU company, I needed loan accounts to a US and a UK subsidiary. The subsidiaries transact in their own currency while the AU (head office) transacts in all currencies.

The way I have solved this - starting in 2019/2020 FY - is to set up the loan account as a bank account in that currency. It allows me to transact against it and the bonus is that it automatically handles the gain/loss in the reports.

I've gone over it with our accountants and it seems like it is doing everything correctly. I won't know for sure until the end of the FY but it may be a solution if you are in a similar situation.
 

Mathew Verdouw