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Mark299's avatar
Mark299
Experienced User
2 years ago

Payment transfers between two companies

Hello Myob Community

I have two businesses, one in Australia and the other in the USA. We purchase items from several locations and these purchases are in USD. When the Au is down, I use the USD in the account of the USA company to purchase equipment and then when the Au goes up against the USD I repay the USA company. However at times I also send the USA company stock that is from the Au company. I was just wanting to then charge the USA company for the goods and deduct that cost from the amount owing. So it's a bit tricky because I also need to send the equipment and have it in the inventory. I did see that advice on stock transfers so that will cover the stock it is just the money transfer to deal with. Suggestions welcomed

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  • SamaraM's avatar
    SamaraM
    Former Staff
    2 years ago

    Hi Mark299 

     

    Thank you for your post. You are on the right track with the advice on doing stock transfers so that will cover the stock.

     

    For the currency exchange side, 2 options are could do it by transferring money or setting up a contra deal. I would check with an accounting advisor which option is the best in your specific situation.

     

    I have also linked our Help Articles with steps on how to do that, which may help:

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.