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Do you revalue outstanding FX balances at period end?
How could we make this process easier for you?
Would love your ideas in the comments!
We rely heavily on the unrealised gain/loss report in MYOB Premier and are waiting for this functionality in Account Right before migrating across. It is disappointing the MYOB will cease to support Premier after 30 September 2019 without this key feature.
Our client needs to report on unrealised gains/losses each month, and the current work-around on printing a bunch of reports is frustrating and slow, particularly as they are dealing with 5 different currencies for AP and Banking.
This is potentially a deal-breaker for their move to MYOB AR Live, so any advice on when things will improve would be appreciated. I have added a new message in the Community Forum today too, in case others have some advice.
It's a shame that the functionality has gone backward in this area, and I'm hoping it will still be included.
Anything that will help automate the process of reconciling international transactions for AR, AP and Bank accounts would help simplify the work needed.
The under/overestimation of Trade Debtors/Creditors as well as foreign currency bank accounts is a frustration given that the previous versions of AccountRight had a system which worked so well - this seems to have been overlooked by developers who don't fully understand foreign currency and the implications of their multicurrency development in accounting.
The easiest way to keep these accounts valid would be to enable the exchange rate to be pegged to the Reserve Bank of Australia's rate at 4pm on the day prior to the invoice / report date - this is the matrix/rate mandated by the ATO for reporting GST values when invoiced in a foreign currency - so implementing that as a reference rate would be a great place to start.
Need revaluation process for both bank accounts and other eg AP, AR. This should be a single step process under the Accounts Command Centre. Quickbooks had this years ago.
@HFL001- sadly MYOB seems to have minimal understanding of the fluidity of exchange rates and that by converting every transaction at the point of recording needs to be able to be offset by the fluctuating exchange rate - the value of US$100 on 31 March is quite different to the value on 30 June as you say, for the bank account along with any and all reporting accounts.
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