Foreign Currency Gain or Loss

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Highlighted
Partner
4 Posts
Partner
Australia

4Posts

5Kudos

0Solutions

Foreign Currency Gain or Loss

Hi There,

 

I have a client who is using MYOB AR 2019.2 Premier, and who purchases in USD.

 

I have set MYOB to update FX automatically.

 

Previously, in the old desktop version, we had to run reports and do a Journal Entry for the Unrealised FX Gain or Loss as at Balance Date.

 

Do we still need to do this Journal Entry in the LIve version? If so, how do we go about this?

 

Please note that when we run the Payables Reconciliation Summary Report (reported in AUD), the balance per the Report differs from the balance on the GL (it shows an Out of Blaance amount). Am I correct in thinking that this is likely to be the Unrealised Loss on FX (due to the slide in AUD v USD), or could the client have done something else?

 

Appreciate the assistance.

2 REPLIES 2
Highlighted
MYOB Moderator
13,250 Posts
MYOB Moderator
MYOB Moderator

13,250Posts

1,569Kudos

1,863Solutions

Re: Foreign Currency Gain or Loss

Hi @BarryTheCat 

 

At this point in time, AccountRight 201X does not allow for reporting on unrealized gains and losses in foreign currency and as such you wouldn’t be able to run the necessary reports to work out any unrealized gains for a journal entry.

 

The reconciliation reports are designed to compare the balance of all outstanding invoices / bills at a point in time to the balance of the control account at that time. Any out of balances would generally be caused by a discrepancy between the two sets of figures, such as if transactions had been incorrectly to sent to the control account.  

Regards,
Neil

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Highlighted
MYOB Product Manager
29 Posts
MYOB Product Manager
Australia
MYOB Product Manager

29Posts

54Kudos

2Solutions

Re: Foreign Currency Gain or Loss

Hi @BarryTheCat 

 

You can use the AR/AP Recon Summary report to calculate unrealised gains/losses.

 

Here are the details.

 

Cheers

Clinton

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post