Forum Discussion

JBentley's avatar
JBentley
Experienced User
3 months ago

Multi Currency Aust Supplier in USD & GST

We have AccountRight and have just started to use Multi Currency for an Australian supplier who invoices in USD and advises of the GST in AUD. How can i adjust the GST to match the supplier's AUD GST indicated on the invoice and not the 10% on the AUD payment amount. USD$1,459.43 see below GST is $204.46 on the AUD payment however the GST from the Supplier is $199.59 variance $4.87    

24/07/2024P22360 10.00% $2,248.89 $204.46199.59$4.87
  • JBentley's avatar
    JBentley
    Experienced User

    well then that feature in that instance is not a feature.

     

  • Mike_James's avatar
    Mike_James
    Ultimate Cover User

    Hi JBentley , for that transaction, yes. It's quite OK to use your choice of rate on any transaction. Click on the rate display to the right of the currency code, to enter a custom rate in the purchase.

  • JBentley's avatar
    JBentley
    Experienced User

    I have entered the invoice in as USD and the live exchange rate is what we have chosen to use as this is a feature in MYOB. Are you suggesting not to use the live exchange rate?

  • Mike_James's avatar
    Mike_James
    Ultimate Cover User

    JBentley, the supplier has used a rate of 0.654652 ($322.75/$493.01) in their assessment of the AUD GST. But the USD bill has been entered into MYOB at a rate of 0.6750496 ($3227.50/$4781.13). Would you consider using the same rate as they have, and picking up any difference as a variance on payment?

  • Hi JBentley,

     

    I see you're working with multicurrency in AccountRight and need to adjust the GST amount to match the supplier's AUD GST on the invoice. To align the GST amount with the $199.59 indicated by the supplier, you'll need to manually adjust the tax calculation, but it'd be best to speak with your accountant. For more info, please check out this Help article: Working with Multicurrency. 

     

    Feel free to get in touch if you need more help.

     

    Cheers,

    Princess