Foreign currency Bank Account balance

[Connockity]

Hi,

I am used to my foreign currency balances showing as an AUD amount in the accounts tab, then the correct amount when I click on the account, but something strange has happened since the last update.

My GBP account is showing at a lesser amount in the accounts tab - so there is in the accounts tab showing as $13,000 AUD and GBP25,000 in the account when I click on the account number(amounts are approx) - it should be at least $47,000 AUD.

Anyone have any ideas?

[Mike_James]

Hi @Connockity , maybe some recent transaction has gone through at a grossly incorrect exchange rate?

[Connockity]

Nope - checked back through the entire financial year. All is correct.

[Connockity]

Now it is showing that my account is in debt - but it certainly isn't - can someone please help?

[Connockity]

Still showing as negative - can I please have help or a phone number I can call?

[Connockity]

Also, if I go into the account, the balances down the bottom are in AUD instead of GBP??

[Uwe]

Did MYOB provie a fix for this?

I have been on the phone to MYOB every day for the past week.

First in one queue then a second queue. Every time I talk to support at the end of the queueing they wanted me to explain the problem.

In the end I was told I receive a call back within the next 24 hrs and invariably the call would not come.

And still no resolution!!!!

Every day I spent 2hrs++ getting nowhere

[Connockity]

Hi,

Funnily enough I was just trying to get a resolution again today - there is no help.

I have also realised that when I reconcile the account, all is well in the MYOB screen but the reconciliation report is ridiculous!

Glad to hear I'm not the only one.

I have emailed my accountant who usually can get a resolution for me - I just hate incurring a cost if this is an easy fix.

[Connockity]

Latest update is that MYOB took my file and 'fixed' it.

Now it is showing a negative balance - it isn't correct.

Going back to MYOB again.........

[Uwe]

Yes, MYOB wanted access to file too.

I've been getting the run around for two weeks now and still no resolution.

The nulti-currency functionality is broken and it becomes bleeding obvious when the MYOB foreign account is showing a negative AUD balance and the reconciled foreign currency bank balance is zero or positive.

Deposit 100 USD @ 0.70 AUD/USD = AUD 142.86

Withdraw 100 USD @ 0.65 AUD/USD = -AUD 153.85

Balance USD = 0, Balance AUD = -10.99

There is no way to adjust the AUD account balance without affected the USD balance

Best way is to use a FX adjustment account(BS) for each foreign currency account and post an adjustment like

FX Adjustment (BS) 10.99

FX Gain/(Loss)  (P&L)             -10.99