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July 2022
July 2022
Hi, I am using MYOB AR Premier and I want to create a new company file for the new financial year.
Most of our sales/purchases are in USD, so I chose Multi Currency function. But I couldn't enter the opening balance for each supplier/customer in USD, and these suppliers/customers with USD even were not shown in the supplier/customer list for entering the opening balance.
Can someone provide some solution for it?
Thanks
Susan
Solved! Go to Solution.
July 2022
July 2022
Hi @SUSAN-SMT
Opening balances can be entered for your customers and suppliers through Setup>>Balances>>Customer Balances or Supplier Balances. This process would only allow for local currency pre-conversion transactions to be entered - foreign currency balances ideally should be converted to the local currency amount and then be entered into that space.
July 2022
July 2022
Hi @SUSAN-SMT , a solution is to record opening balances as sales invoices and purchase bills in the foreign currency. Ideally these will be dated correctly, BUT this can only be done if the previous financial year is open. These transactions will be recorded as service sales or bills, and allocated direct to the receivable or payable control account (usually a no-no, but correct here, so that there is no GL impact).
If you make GST returns on a payments basis, watch out for the impact of any of these transactions that have a GST content (unlikely but possible).
Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise ProActive - Custom Reporting from MYOB programs
(MYOB Business, including AccountRight Live, AccountRight v19.x and exo Payroll)
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July 2022
July 2022
Steve,
Thank you for your reply.
I hope MYOB can keep upgrading AR so as to include more functions relating to Multi Currency transactions, just like what we could do in AccountEdge. I still miss AE which i had used for many year.
Regards
Susan
July 2022
July 2022
Hi Mike,
Thank you for your advice. I will follow what you suggested.
Regards
Susan