Entering Pre-conversion purchases for USD Suppliers

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Entering Pre-conversion purchases for USD Suppliers

Hi,

 

We recently upgraded to MYOB AccountRight 2019.2.1

 

We had to open a new file so I have been trying to add pre-conversion USD purchases but when I do that I am not able to find the USD supplier on the supplier list to add the pre-conversion purchase.

 

Please help.

 

 

 

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Re: Entering Pre-conversion purchases for USD Suppliers

Hi @Accounts5 

 

Currently, pre-conversion transactions are only available for customers or suppliers where the default currency is listed as being NZD or AUD.

 

If you do need to enter a pre-conversion transaction for a foreign currency customer or supplier I would recommend working out the local currency value for that transaction and entering that as the transaction. Note: You will need to update the default currency for that customer or supplier card to be the local currency to record that transaction, it can be changed afterwards if needed.

Kind regards,
Steven

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Re: Entering Pre-conversion purchases for USD Suppliers

Hi Steven,

 

Thanks for your response. 

 

We have actually paid these pre-conversion USD Invoices post-conversion from our USD bank account. So if we add these pre-conversion purchases as AUD purchase how are we able to pay it from our USD bank account and reconcile our USD bank account.

 

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Re: Entering Pre-conversion purchases for USD Suppliers

Hi @Accounts5 

 

As those pre-conversion transactions are needing to be recorded in the local currency the payment of those transactions does also need to be paid in the local currency. If you have paid that transaction with from a foreign currency account then you would be looking at utilising the following approach:

 

  1. Go to Accounts>>Accounts Lists>>New and create a new bank account for that account (in the local currency).
  2. Record a Banking>>Spend Money transaction with the Pay from Account being that foreign currency bank account, the allocation account being that newly created account.
  3. Once completed, you would do a Purchases>>Pay Bills transaction with the Pay from Account being that newly created account.

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Steven

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Re: Entering Pre-conversion purchases for USD Suppliers

Hello

 

We are setting up a new file - local currency NZD but have many suppliers and customers (and invoices at conversion date) in USD and AUD how do we enter these. The invoices are still outstanding. This work around is not is not efficent for this.

 

Thank you for your help.

 

 

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Re: Entering Pre-conversion purchases for USD Suppliers

Hi @PSweeting 

 

AccountRight 2019 will only allow for local currency pre-conversion transactions. As such, you could look at converting those transactions to the local currency equivalent before recording via Setup>>Balances. Alternatively, look at recording those transactions in the current financial year with the current date - note that this may impact your financial year figures and best to speak to an accountant in relation to the impacts those transactions could have.

Kind regards,
Steven

MYOB Community Support

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