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Dealing with multi-currency in MYOB Plus

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5 Posts
User
Australia

Dealing with multi-currency in MYOB Plus

Hi all, I am currently working for an importer who purchased goods from overseas and sell them to wholesalers here.

 

The company is using accountright plus, as this is our first year operating (at a loss) the director wasn't really keen to upgrade to MYOB Premier due to the cost involved.

 

We get invoice from our overseas suppliers in USD, and we have a USD account with commbiz. We do not export overseas. 

 

I'd appreciate If I can get some help on how to process these transactions in MYOB Plus(without multi currency option):

 

- USD invoice from suppliers

-Money transfer from local AUD bank account to local USD bank account 

 

 

2 REPLIES
131 Posts
Valued User
Australia

Re: Dealing with multi-currency in MYOB Plus

Hi firefox

 

You really only have 1 way to proceed

 

Enter the invoice with description incling USD  amount and converting at spot rate on day use a site like xe.com to get the rate

 

On payment you will have to convert the invoice total to the actual paid total  by entering a new line being the currency loss/gain.

 

Note you will have to make sure the security settings set so that you can amend invoices to do this

 

Scott aka The Shoe Box Guy
http://basandmyobhelp.blogspot.com/
5 Posts
User
Australia

Re: Dealing with multi-currency in MYOB Plus

Thanks so much for the reply shoeboxguy,

 

If I'm using the item layout, how can i make an additional entry that I can allocate to the currency loss/gain account? is it a good idea to create an item called "curency loss/gain" with "I buy this item" ticked and allocated to the currency loss/gain (an income account on the chart of accounts)?

 

 

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