Thank you for that. I have. Regards
Willy
HI Mike.
thanks for that answer. It helps a bit but we actually brought the cover to lock in rates for the transfers we make from our AU$ account when we need it for cashflow purposes. Maybe I am misinterpreting the cover as there is an obvioius mismatch between when we raise the invoice for a sale vs. when we transfer funds months later. We bill in AU$s and get paid in AU$s. These funds sit in the AU$ account until cashflow needs dictates we to transfer some EG , our situation is like per the grid below:
| Oct-19 | Nov-19 | Dec-19 | Jan-19 | Feb-19 | Mar-19 | Apr-19 | ||
| Sales | $ 250,000 | $ 250,000 | $ 250,000 | |||||
| Debtor pays | $ 100,000 | $ 100,000 | $ 50,000 | $ 100,000 | $ 100,000 | $ 50,000 | ||
| Trsf funds | $ 150,000 | $ 200,000 | ||||||
| FX contract | $ 150,000 | $ 200,000 | ||||||
Previously we held a rate for the month for sales and then restated the remaining balance in the AU$ account at spot at month end. Which rate should we use now for the Sales and the transfers and the month end restatement?
Hi Wilhelmina1
I would recommend consulting with an accountant to ensure that you are using a process that meets your requirements and has the appropriate rates.
From an MYOB Support point of view, the rate of a transaction can be changed by selecting the rate next to the currency and adding in the desired rate. Our Help Article: Changing a transaction's exchange rate outlines that process.
Thank you for that. I have. Regards
Willy
