Accounting for unrealised foreign currency gains/lossed in AR2019.2

Experienced Cover User CSSAUS
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Accounting for unrealised foreign currency gains/lossed in AR2019.2

Given that AR2019.2 does not yet provide formal support for managing unrealised foreign currency gains/losses, has anyone come up with a method for manually handling gains/losses?

 

Steve

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Partner Yuliawahyuni
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Re: Accounting for unrealised foreign currency gains/lossed in AR2019.2

I have the same problem, have brought this issue to MYOB HQ groups but also don’t have any response until now
MYOB Moderator Theresa_D
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Re: Accounting for unrealised foreign currency gains/lossed in AR2019.2

Hi @CSSAUS @Yuliawahyuni 

 

Thanks for your post. Below is a chart explaining what multicurrency features are available. While the report is not available at this time we are in the process of developing the mutli-currency features for future releases.  I'll also link you to Working with multiple currencies for reference. 

 

Untitled12.png 

If you would like the option of an add-on you can explore resources in the link provided.  I hope you can find one that fits your needs. Alternatively you can export data into Excel to customise a report. 

 

I hope this helps. If your post has been answered please mark 'Accept as Solution' to help other users find this information/post easier. 

Cheers,
Theresa

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Experienced Cover User Lara10
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Re: Accounting for unrealised foreign currency gains/lossed in AR2019.2

So, @Theresa_D , how do we 'adjust' the balance of our foreign currency account to take exchange rate fluctuations into account (ie value on a particular day - eg end of month/quarter)?

 

Also trade debtors and creditors now that everyone is lumped in together ???

 

In AR19.xx at least we had the 'raw value' visible and could reconcile with our bank accounts and trade debtors etc and the exchange account which gave the current AUD value ....

 

Would like to know how to make these accounts balance ...

 

Thank you

MYOB Moderator Theresa_D
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Re: Accounting for unrealised foreign currency gains/lossed in AR2019.2

Hi @Lara10 

 

Sorry for the frustration, I am unable to advise on the accounting aspect of these transactions.  The post Currency unrealised gain loss adjustment may apply in your situation. Other partners on the forum might also have some insights into how to account for or work around it so hopefully they may have some tips. 

 

 

 

 

Cheers,
Theresa

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