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ANDM's avatar
ANDM
User
3 months ago

USD Supplier Part Payments - Curr Exchange Difference

Hi

We have an overseas supplier that invoices us in USD

We pay a deposit when we place the order and subsequently when the invoice is raised we make 2 more part payments on the Invoice

Which means that there are 3 payments for each order at different exchange rates

Once we record the first payment against the order, MYOB then does not allow us to update the exchange rate for the transaction.

We end up with Realised Gain/Loss even though this is not necessarily true

Is there any way around this ?

5 Replies

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  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    3 months ago

    Hi @Trithermal,

     

    I understand your concern about handling multiple payments at different exchange rates in MYOB. From the information I found, MYOB Business AccountRight Premier offers multi-currency support which could potentially help with your situation. It allows you to send quotes and invoices in over 150 currencies and provides multi-currency cashflow reporting to track your gains and losses. It also uses live exchange rates to help you make the best decisions for your bottom line.

     

    With your concern, you may try deleting or reversing the order and then recreating it to correct the situation. You may click here for more information.

     

    Feel free to post again anytime if you require further assistance. 
     
    If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

    • ANDM's avatar
      ANDM
      User
      3 months ago

      Hi

      We are already using AccountRight Premier 2024.2.0. Obviously this is the reason I am have a multi currency question.

       

      Once a payment has been applied to an order, it cannot be deleted

      Also, as clearly indicated in my question, after the first payment, the supplier ships the goods

      Therefore the 2nd and 3rd payments are on an Invoice - not on an order

      Once a payment has been applied, an order or invoice cannot be deleted

      If I were to reverse the orders or invoices everytime I need to apply a payment, I would end up with a large volume of adjustments which will become a nuisance at EOFY.

       

      The solution offered by you is not feasible unfortunately or accurate

      • Genreve_S's avatar
        Genreve_S
        MYOB Moderator
        3 months ago

        Hi @Trithermal, 

         

        Thanks for the response. We appreciate you clarifying your concern. 

         

        In my understanding, the multicurrency rates can be adjusted while recording the payments. This is provided by the app to make sure that the rates are correct for the period the payment was made. 

         

        Additionally, you should have access to deleting and editing your payment transactions in the application. I recommend making sure these two preferences in the screenshot are not marked-checked to make sure that you don't have difficulties correcting the rate changes in the application. 

        I recommend reading through this article 'Working with Multiple Currencies'. This will provide you with a better understanding on how to record different rates for each payment. 

         

        Let us know if you require any further assistance with this.

         

        Thanks,

        Genreve