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Multi-Currency: Transfer Money between currency accounts

Cover User

5Posts

6Kudos

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5 Posts
Cover User
Australia
New
New

In the current AccountRight multi-currency version, bank transfer between two foreign currency accounts is not possible. E.g. entry between EURO to EURO bank transfer. The previous desktop version allowed. We have to record the transfer transaction over different spend money & receive money transactions which is absolutely a waste of time.

 

"Bank transfer between two foreign currencies"

4 Comments
mayfield
Experienced User
15 Posts
Experienced User

So it's not just me then, that is a thing is it MYOB?

I used to be able to do it, why can't it be done now?

LaraJ
Experienced Cover User
25 Posts
Experienced Cover User

I'm also frustrated by this - amoung a number of other issues - eg not being able to have recurring transactions saved in the multi currency ... and the whole discrepency (on paper anyway) when reconciling the multi currency bank accounts - and a whole lot of 'open' invoices for $0.01 which you can't actually close ... and the whole inability for MYOB to recognise that the value of our multi currency bank accounts and debtors and creditors fluctuate when the currency changes !!!! These just spring to mind!

 

ALVI
5 Posts
Cover User

We have similar issues too @LaraJ  where the multi-currency supplier card files suddenly started showing AUD amt outstanding, but infact all the invoices were closed and paid off. There were instances where some of our supplier card files before the transfer to the new version file had zero balance, but then suddenly after the update started showing AUD balances outstanding.  So now all my supplier card files  are incorrectly showing balances which are not true and on top I cant even run a report in different currency. It converts everything to AUD. 

JoeW
Experienced Cover User
52 Posts
Experienced Cover User

This is absolutely necessary. It's right there in the name: "multi-currency". It's not called "AUD plus one". Smiley Happy

This needs to flow through to everywhere in the system - there should be no restrictions on what currencies are allowed for what transactions into what accounts. If I issue invoices in AUD I want to be able to receive payments in GBP or USD directly against those invoices without needing a currency holding account. Surely the purpose of multi-currency is to make holding accounts a thing of the past?

It's actually even worse than this because I can't do transfers between two MYOB bank/credit card accounts both in GBP. It's clunky and introduces too many places for error to require a GBP to GBP transaction to be done via a holding account.

I understand there is a combinatorial explosion of FX rates if you allow any currency to any currency. You could easily solve this by requiring the customer to enter a FX for anything non-AUD to anything non-AUD. I'd be quite happy to do that if it meant any currency was accepted for any transaction into any account - this is my basic expectation for a multi-currency feature. I'm told Xero allows this... and if that's true, this one feature is enough for me to consider migrating, even with the costs of a multicurrency migration.