As with all new features in Xero, we’ll keep improving multi-currency based on what you, the users, tell us. The feedback about multi-currency so far has been very positive. It’s stories like this one (abridged) from Philippa O’Mara of Diva Business Solutions, which make all the hard work worthwhile.
“I just wanted to let you know that I am starting an affair with the multi currency module in Xero because I love it so much…we are moving in together next week.
Having spent the last couple of weeks getting my head round some basic multi-currency issues for a client we’ve just put on MYOB Premier, I nearly went grey trying to educate them. Now my hair colour has come back and turning red with amour for your lovely little programme.”
Feedback from those who’ve used other systems shows we are well up with the best. Here’s what CEO of Openside Accountants, Stephen Nicholas had to say:
“Multi-currency in Xero is the most flexible and comprehensive solution I’ve ever seen. And I’ve seen them all, from simple accounting systems to the big ERP solutions. This is a well thought out solution for both accountants and users. The irony is that most people won’t recognize the effort that has gone into getting this right unless they have experienced some of the truly awful alternatives.”
In this video I talk to Stephen in more detail about how he’s found using multi-currency in Xero.
Monday’s release of multi-currency was just the beginning. In coming months there’ll be more functionality, such as:
- Entering payments – you’ll be able to choose whether to enter the exact FX rate from your bank, or let Xero calculate the rate based on the amount you received or paid
- A major upgrade to the bank rec will allow cross-currency reconciliation and bank fees to be entered with ease
- Improved reporting will mean more reports by currency and allow a different reporting currency for companies with foreign ownership
- They’ll be more visual cues around the foreign invoices gaining or losing value
- Our API and invoice imports will support foreign currency invoices
But once again it’s your feedback which will help fine tune multi-currency. So keep it coming.