Change Local Currency AccountRight 2020.2

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SamJoseph
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Change Local Currency AccountRight 2020.2

Hello, 

I have just upgraded from AccountRight Premier V19 to AccountRight 2020.2 (online). 

After the upgrade our local currency has changed to AUD. In AccountRight Premier V19 we were operating as NZD as our local currency. We need our local currency to be NZD on AccountRight 2020.2

 

I have navigated to Lists->Currencies where I can see all currencies, however no option to change default currency. 

 

Help is appreicated. 

Annotation 2020-06-03 111035.png
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Steven_M
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Re: Change Local Currency AccountRight 2020.2

Hi @SamJoseph 

 

With AccountRight 2020 the local currency would either be AUD or NZD based on the type of file that is created. For example, if the file was created in an Australian AccountRight Classic product or Australia was selected when creating the company file in AccountRight 2020 the local currency would be AUD. If New Zealand software was used it would be NZD.

 

From having a quick look at your account, I can see that you do have an Australian based serial number thus the local currency in that file would be AUD. Note: There is no provision to change that local currency in AccountRight 2020.

Kind regards,
Steven

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gavin12345
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Re: Change Local Currency AccountRight 2020.2

Hi @SamJoseph 

 

Not good news from MYOB. I know someone who may be able to help with unusual requests like this, for example to change the currency format through the back end or help convert the file to a NZ file (you would need MYOB to change the licence over as well) - send me a private message if you want contact details.

 

Regards

Gavin

Aggedor
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Re: Change Local Currency AccountRight 2020.2

We have been a long term Premier user and maintained both our Singaporean parent entity and Australian subsidiary in it.

 

Recently was pushed by our local Australian accountant to upgrade to the current AccountRight Premier as our version was old and they said it was no longer supported.

 

Now, after incurring a ridiculous amount on the new subscription and close to $1000 the accountant has billed us just to get the files for the 2 entities converted, and after having incurred a day of Singapore accountant time preparing to get our Singapore returns up to date, she found the reason things weren't making sense for her is because the Singapore file is no longer in SGD as its default currency. It appears that MYOB have changed it to AUD when they did the conversion.

 

From what I see here, there is no way to change this. This is insane, how can MYOB take a product that sort of worked and that we've used for years for both subsidiary and parent with the same software package and make it unusable? This is costing us $thousands in wasted effort. I'm at the point of just following the Singapore accountants original suggestion, which was to move to Wave Accounting which she said did everything we needed and was free for our use case.

Steven_M
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Re: Change Local Currency AccountRight 2020.2

Hi @Aggedor 

 

Thank you for your feedback in regards to AccountRight 2020

 

As has been indicated on this thread and also on How is multi-currency different from AccountRight v19?, AccountRight 2020 doesn't allow for the user to change the local currency, with the default either being AUD or NZD. These two currencies being the primary currency that Australian or New Zealand Businesses will use (AccountRight being designed and marked for Australian and New Zealand businesses).

 

The ability to set a different local currency is not a feature that we are currently investigating with the AccountRight 2020 product range.

Kind regards,
Steven

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Aggedor
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Re: Change Local Currency AccountRight 2020.2

Well thanks MYOB, sounds like your software is unusable for us. A bit strange after using MYOB Premier for the last 15 years.

 

I didn't see any mention of the fact you can't change the default currency on the list of features supported by the software. 

 

Is there no way at all to change the default currency? As we have a Singaporean holding company, we obviously have to have SGD as the default currency for that entity.

 

If there is no solution, we will request a refund.

 

 

Aggedor
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Re: Change Local Currency AccountRight 2020.2

Personally I find it ludicrous that MYOB would not provide the ability to set a local currency. It's not that uncommon to have a foreign parent entity. It seems the most basic thing a package like Premier should support

SamJoseph
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Re: Change Local Currency AccountRight 2020.2

I agree, all we needed for my Business was to change the name of the Local Currency from AUD to NZD. We were able to do it in the AccountRight Premier Live v19, but cant now in Account Right 2020. Seems like a big step backwards in functionality. In hindsight we wouldnt have done the upgrade if we knew of this business impact. 

Steven_M
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Re: Change Local Currency AccountRight 2020.2

Hi @Aggedor 

 

AccountRight 2020 doesn't allow you to change the local currency. It should also be noted that AccountRight Premier Classic, actually didn't allow you to change the currency either, however, you could update the AUD currency to be the desired currency. It wasn't a designated feature of the product, just something that some users could manipulate in the company file to get a different local currency.

Kind regards,
Steven

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Aggedor
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Re: Change Local Currency AccountRight 2020.2

"AccountRight 2020 doesn't allow you to change the local currency."

 

Shouldn't MYOB make that clear at https://www.myob.com/au/accounting-software/accountright where for Premier it has a big tick against Multi currency?

 

All you need is an asterisk:

 

Multi currency*

 

*AccountRight 2020 doesn't allow you to change the local currency

 

That would mean your customers are not mislead into believing the software will allow them to set the currency when it can't.

 

We will move to Wave Accounting on the advice of our accountant.

 

Well done MYOB!

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