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Cover User
Posts: 3
Registered: ‎29-04-2011
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Multi currency exchange account

A question about multi currency exchange account.
Our company imports products from overseas. For those suppliers, we would record their invoices in another currency.
I set up new accounts for receivable and payable in other currencies.
Some material suggests to set another "Bank" account for exchange account.
I do not understand how this works? Is it necessary?
Valued Partner
Posts: 1,220
Registered: ‎30-01-2007
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Re: Multi currency exchange account



Are you using the multi-currency option found in AccountRightPlus and above?


If you are recording thier invoices in another currency I would say yes.


You need to set up an account (not a real one) in MYOB for the currency, e.g. US dollars. If Multi-currency is turned on, then it will automatically create a partner currency exchange account.


The first account will detail the value of the US$, and the second account will be the balance $ amount, so if they are added together - they add up to Australian dollars.


You will also need to set up a US$ Trade Creditors Creditors account (which will also automatically create a  currency exchange account.


Here is a checklist I work through when setting up multi-currency


It is a complicated area. Let me know if you have any further questions.

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MYOB Moderator
Posts: 824
Registered: ‎18-05-2011
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Re: Multi currency exchange account

Hi SunfieldAus


We have written a support note on Setting up and troubleshooting multiple currencies within AccountRight Premier which may also assist further.


MYOB Client Support

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