Xero provides partial support for multicurrency handling, specifically, it allows bank accounts and invoices to be denominated in a currency other than an organisation's base currency. However, assets and liabilities store their values converted to the base currency.
This creates a variety of issues for businesses transacting in multiple currencies, as demonstrated by discussions on the Xero feature request site (https://community.xero.com/business/discussion/1502020) and elswhere on AccountingWeb (https://www.accountingweb.co.uk/any-answers/xero-is-recording-discrepanc...).
Can anyone recommend an alternative accounting service in Xero's price range - i.e. ~£50/mo. - that supports a full multicurrency ledger and reporting?
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What Xero does is correct, but I'm assuming, from the links you posted, that what you want is the ability to do full multicurrency reporting aside from the base currency reporting. Xero and their competitors don't provide this functionality so you'd need to step up to an ERP system like Xledger or similar to do this assuming you want to stay on the cloud.