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If anyone can help me Switch off the Multiple Currency for MYOB Account Right Premier 2018.4
I switched it on because we do export from Fiji to New Zealand.
However didnt realise that the only local Currency would be New Zealand and now i am not able to change it!!
We are a Fiji Based Company and Local currency shown is New Zealand
Solved! Go to Solution.
As mentioned on what is currently available in Multi-currency for AccountRight 2018, your local currency can be AUD or NZD, but no other currency.
Currently, if you have enabled multiple currencies on AccountRight 2018 and wish not to use that feature you would be looking at restoring a backup to before that feature was enabled. You can restore a backup of the company file via File>>Restore and selecting the relevant backup (zip) file.
If @Steven_M's solution of restoring a backup is not a viable option (too many transactions to re-enter) and you have not used a foreign currency in a transaction, I have a contact that can switch off the multi currency preference - there would be a fee. Send me a private message if interested in contact details.
I did as you mentioned and was also able to import and export my transactions after last backup.
Thank you so much for your help
I have a query before I commit to setting up multi currency.
I buy goods in USD.
I buy USD from a Forex provider when it suits and leave the funds in my account with them.
In an excell spreadsheet I enter the details.
example Paid $28K AUD for $20K USD. Excel keeps a running total of the $USD balance less payments for goods.
At the same time I have in MYOB a holding bank account for purchases of USD but expressed in AUD. So I spend money from the regular bank account $28K and enter it into the bank account for foreign purchases. All in $AUD.
Obviously the exchange rate varies all the time.
When I actually pay for the goods it is from my FOREX account and in $USD. When I enter the purchase into MYOB I have to look at the spreadsheet and work out the approx exchange rate considering my Forex may have come from multiple purchases of $USD. Then I convert the values on the supplier's invoice to $AUD using my presupposed exchange rate, enter it into purchases and pay it from my holding bank account in AUD.
Obviously having a bank account in MYOB populated only with USD would save a lot of time.
After all that preamble, my query is this:
When I buy $USD can I spend say $28KAUD from my regular account and enter $USD20K into my holding bank account which takes care of rate fluctuations. Thereafter I can purchase in USD and pay the Bill in USD without worrying about exchange rates. It seems that MYOB requires an exchange rate everytime any transaction is made. I don't need that as my Forex purchases define it.
Does this work in AR now or will I be asked for exchange rates everytime I go near it?
AccountRight 20xx multi-currency works on the principle that if you are buying (or selling) goods that you enter an exchange rate for the transaction. This is used to calculate the currency gain/loss involved that transaction.
If you are thinking about enabling multiple currency in AcountRight and want to give it a try before using it in your company file. You are welcome to open the AccountRight Premier Clearwater file and try the feature including recording the relevant transactions and checking the journals to ensure they meet your requirements.