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Multi currency exchange account

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3 Posts
Cover User
Australia

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?
2 REPLIES
1,220 Posts
Valued Partner
Australia

Re: Multi currency exchange account

Sunfield,

 

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 http://www.aniseconsulting.com/downloads/MulticurrencyChecklist.pdf

 

It is a complicated area. Let me know if you have any further questions.
 
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824 Posts
MYOB Moderator
Australia

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.

Regards,

Leeya
MYOB Client Support

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