Forum Discussion

Hayley_APC's avatar
Hayley_APC
Contributing User
5 years ago

Foreign exchange error with Ostendo

We use Ostendo over MYOB and lately have been getting an error when we post USD transactions in Ostendo and they transfer over to MYOB account right. I upgraded MYOB to 2020.3 thinking that might sol...
  • Steven_M's avatar
    Steven_M
    5 years ago

    Hi Hayley_APC 

     

    I would assume that the third-party application is interacting with AccountRight through the AccountRight API. 

    While the AccountRight API will allow the foreign currency fields to be read on a journal entry, you are not able to record foreign currency transactions through that API at this time. As such, those transactions will come through as local currency-based transactions.

Steven_M's avatar
Steven_M
Former Staff

Hi Hayley_APC 

 

Generally, a void transactional line(s) is created when a transaction debits and credits the same account. Without seeing the transaction and the journal behind that transaction (Edit>>Recap transaction or the Transaction Journal for that transaction (these may be different)) it is a little hard to actually investigate how that void is coming about. 


My recommendation, as the data is coming from a third party, is to enter the same transaction in the company file (without using the third-party application) and see whether you get that same situation. Should it occur it is likely due to the linked accounts not being set up as intended. If it's not occurring when entering manually, it likely indicates that the third-party is impacting a transactional line or amount on the transaction generating that account. I would imagine as its the bank account it would be the paid today field at a guess. However, at that point it's best to redirect back to the third-party.

Hayley_APC's avatar
Hayley_APC
Contributing User
5 years ago

It would appear the journal isn't converting to USD. See the attachment has been adjusted to USD so that the deposit shows up in the bank reco but when this comes over from Ostendo, the journal shows up in AUD and converts the amount to AUD which is why we believe it's showing up as VOID. Is there anyway to check why MYOB is converting the currency? 

  • Steven_M's avatar
    Steven_M
    Former Staff
    5 years ago

    Hi Hayley_APC 

     

    I would assume that the third-party application is interacting with AccountRight through the AccountRight API. 

    While the AccountRight API will allow the foreign currency fields to be read on a journal entry, you are not able to record foreign currency transactions through that API at this time. As such, those transactions will come through as local currency-based transactions.

    • Hayley_APC's avatar
      Hayley_APC
      Contributing User
      5 years ago

      Steven,

       

      Thank you. I will continue to adjust the currency manually in MYOB when I post these transactions then. Hopefully a future update will rectify this problem. 

       

      Thanks, 

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.

 

Related content