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Enhancing Multi-Currency in Xero

Posted 3 years ago in Xero news by Anthony Staltari

As Xero grows globally, we continue to advance our mission of helping our small business customers grow globally too. In today’s ever-connected world, it’s no longer ‘the big eat the small’, but rather the fast will eat the slow! Expanding beyond borders, once a dream only for larger enterprises, is now within the reach of small businesses through technology platforms such as websites, e-commerce, online advertising and social media. As more and more small businesses engage in global trade, the need for multi-currency functionality and reporting in accounting software becomes more prevalent.

Helping you grow beyond borders

Xero already has multi-currency built into our core accounting platform, which allows you to transact in multi-currency easily. Our integration with xe.com lets you update your foreign currency exposure quickly and seamlessly to give you a real-time view of your foreign currency exposure.

Introducing a beautiful, seamless experience in multi-currency reporting

Our latest Xero reporting enhancement makes it even easier to view all your transactions in multi-currency, and even convert back to your base currency. Our vision for the continuous enhancement of multi-currency reports will let you take full advantage of all the benefits of the premium edition of Xero, including:

  • View all transactions in their original currency transactions,
  • Convert all transactions from their original currency to the organisation’s local currency based on the transaction date,
  • View the ISO based currency code in which the original transaction took place,
  • Revalue transactions based on your reporting date for:
    1. Accounts Payables,
    2. Accounts Receivables, and
    3. Bank Accounts.
  • View the report date (or latest available rate in Xero) exchange rate while calculating revalued amount for each transaction,
  • View the Opening and Closing balances for:
    1. The report in the Organisational local currency as per the report date, and
    2. Foreign currency bank account in original currency it is operated in.
  • View the source of the exchange rates used in calculating the revalued amounts, and finally,
  • A more beautiful experience:
    1. A cleaner column section in Settings and the ability to customise multi-currency columns in the report,
    2. You can now filter transactions of specific currency easily and recognise them quickly with its country flag, and
    3. A concise footer has been added with exchange rate details.

This gives you a truly seamless experience as you do international business with Xero, and makes viewing your foreign currency exposure and processing your tax returns even easier.

Making compliance easier for our Singapore customers and partners

Xero’s enhancements to multi-currency invoices is now live! Your multi-currency invoices will now automatically show the Singapore dollar conversion on the face of the invoice making it a lot easier to be compliant with IRAS foreign invoice requirements. From now, every time you raise a sales invoice  in a foreign currency, the invoice will automatically show:

  • Total amount payable including GST in SGD
  • Total GST payable in SGD
  • Total amount payable excluding GST in SGD

This feature is now automatically included in Xero’s standard branding theme so you no longer need to use a DOCX template.

Try it now

We’re releasing the multi-currency reporting enhancement into reports, starting with the Account Transactions report. Organisations that have multiple currencies in Xero can access this new multi-currency functionality. To try it now, simply access your Account Transactions report, click on Report settings, and select your desired fields.

We’re constantly working to make it easier for you to generate reports in Xero. We love hearing your feedback so please leave a comment below!

4 comments

Anon
October 1, 2019 at 2.41 am

Can you advise if your going to implement this to aged creditors and debtors report to show unpaid items ?

Lauren Kido in reply to Anon
October 11, 2019 at 5.18 am

At the moment, Xero Reporting is focusing on work required to ensure we can support up to 5 million customers on our site. We have multi-currency support for these reports on our radar, and will be reviewing our prioritisation of this and other requests when the current work is completed.

Karen
January 19, 2021 at 5.09 pm

Hi, can you please advice how to implement GST in SGD if our company based currency is in USD?

Beeny Atherton in reply to Karen Xero
January 21, 2021 at 4.16 pm

Hi Karen, thanks so much for your comment. For companies with base reporting currency in USD or currencies other than SGD, our Xero invoicing system shows the invoicing currency amount and GST and also auto calculates the SGD conversion of these amounts and displays in the invoice. Xero GST reports capture all GST transactions and are downloadable to worksheet allowing manual checking and further currency conversion.

Please note that Singapore GST is available in the Singapore version of Xero. If you are not using the Singapore version of Xero, you will need to configure manual tax rates and reporting for the regions you deal in tax for. If you require further assistance, please don’t hesitate to reach out to our helpful support team here. Thanks so much!

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