Foreign Currency Gain or Loss

Partner BarryTheCat
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Partner
Australia

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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
MYOB Moderator Neil_M
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MYOB Moderator
MYOB Moderator

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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

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MYOB Product Manager clinteidelman
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MYOB Product Manager
Australia
MYOB Product Manager

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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

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