Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Experienced User schiatswawater
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Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

I tried uploand my company file, it was successful upgraded to v. 2019.2.1. However, when I open the upgraded file, the "Currency Exchange" accounts were all disappeared, also one of my foreign currency bank account became negative figure - mixed up with "Currency Exchange" acccount.

 

I called MYOB, and waited long long time, and been transferred 4 times to different department, and could not find anyone could help me.

 

I went MYOB online chat, the suggestion I received was to upload another file to see if the accounts still missing, and delete the privouse uploaded file.

 

There is no way to delete the upgraded file. Also I tried to upload another file, and could not either.

 

I need help.

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MYOB Moderator Andrew_Y
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hello @schiatswawater 

 

Thank you for your post, and apologies for the delay in addressing your enquiry.

 

Sorry to hear that you are having issues with your company file after upgrading a Premier multi-currency company file

 

I do confirm from your interactions that it was recommended that due to your needs if certain accounts required were not behaving as needed, or altogether not being included after the upgrade that staying on v19 and re-assessing how to/if you can migrate might be necessary.

 

If you would are unable to get your current file removed from the cloud, I will need you to confirm some information. I have sent you a Private Message for more details.

Cheers,
Andrew

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MYOB Moderator Andrew_Y
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hello @schiatswawater 

 

Thank you for your messages.  I am glad that your issue regarding file removal could be resolved and that we could also point you in the right direction for other STP concerns you were having.

 

To help you to explore whether features of the new AccountRight are effective for what you need, this link Compare the features of the new AccountRight might be useful to you.

 

When testing the sample clearwater files, you will want to be looking at using the Premier file (Basics/Standard/Plus/Premier) if you want to explore multiple currency functionality.   To use the multi-currency features, you’ll need to turn on the preference in your company file (see link below). You can then enter exchange rates, choose each card's default currency, and create foreign currency bank accounts.

 

This link Working with multiple currencies also has more information on how to go about doing that, as well as having a list of related topics that you can also explore.

 

I hope this helps you as you consider whether upgrading to the new AccountRight suits your needs.

 

If this has helped in pointing you to appropriate information and answers, I ask that you kindly consider marking this post as a solution so that others may find what they need easier.

Cheers,
Andrew

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MYOB Moderator Steven_M
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi @schiatswawater 

 

Just thought I would jump in here and indicate that with the introduction of foreign currency in AccountRight 2019 we no longer require those currency exchange accounts. This does mean that as part of the migration an exchange account value is moved across to the foreign currency account. For example, say you have accounts; 1-5555 USD Bank and 1-5556 USD Bank exchange, the accounts are merged into the one when you migrate, leaving just the 1-5555 USD Bank account.

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Steven

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Experienced User schiatswawater
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi Steve,

 

Thank you for your reply regarding the missing of "Exchange Currency" account.

 

I know the new V 2019.2.1 has combained my "NZ Currency" bank account 1-1115 and the "Exchange Currency" account 1-1116, that why the NZ Currecy bank account became to negative.

 

These two accounts have totally different functions, one is foreigh currency bank account, record my bank transactions, and need to reconciliation every month with bank statement - the figure should be exactly the same as my bank statement balance.

 

The other account is the "Exchange Currency" which recorded currency gain/loss history during the currency transfer from AUD to foreign currency, it should not be cambain in to one because there are two totally different fundtion of accounts for record perpose. 

 

This sort cut of conbain two totally different account is mixed up the usage with exchange gain/loss and bank account. This combain made no change on P&L and Balance Sheet, but totely meaningless regarding to a foreigh currency bank account - no longer represent the bank account.

 

If the V.2019.2.1 is designed for End Year Financial Report is fine, but can't be used for day-to-day record as  foreign currency bank transaction, becuase you could not get bank reconciliation done - foreign currency bank statement record true balance for that period, but not record your currency exchagne gain/loss hestory from begining of the financial year.

 

If I understood correctly, the V2019.2.1 users must be new and set up fresh foreign currency account. V19 file can't be upgraded because the account balance figure was combained with Exchange currency, and included prevoiusly exchange figure (gain or loss depend by exchange rate) will be totally different than bank actual statment balance after conbain with the "Exchange Currency" account. In other words, the V 2019.2.1 muli-currency account never be recanced correctly with foreign currency bank statement. 

 

Best regards

Sarah

 

MYOB Moderator Steven_M
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi @schiatswawater 

 

While the balance of that foreign currency bank account will be a negative/show the local currency equivalent in the Accounts List you are still reconciling that account in a foreign currency.

 

For example: below are some screenshots that are similar to your situation where the account would migrate as a negative balance. The reconciliation of that account would be based on the foreign currency rather than the local currency value (which would include the exchange account).

 

Attachment.PNG

 

 

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Steven

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Experienced User schiatswawater
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi Steve,

 

Thank you for your reply regarding reconciliation of the foreign currency account.

 

I may not explained properly on my problem, or your sample file upgrading has no issue as I had.

 

 On your attached sample file on the first two lines on old v.19 "account list" shows as following

1-5555 USD Bank, US$490.00. This amount is in bank account statement

1-5556 USD Bank Exchange -585.00. This amount was accumulated exchange differences from previous exchanges record (if the file has not been rolled over from last financial year, then the accumulation of exchange currency gain/loss started from last financial year). In other words, nothing to do with current bank account balance. Your upgraded file still has the bank account balance of US$490, even though the two accounts been combined has nothing compromised USD bank account.

 

In my case is different, for example when the file been upgraded, these two account been combined into "1"one.  so that the 1-5556 would despaired, and the 1-5555 would become to -95.00 (been combined USD490.00 and -585.00 = USD-95.00). But bank statement would be still US$490, rather than "-95.00". It would be no way to reconcile the bank account after upgraded to new version of 2019.2.1, because the bank balance is US$490, and upgraded file balance is "-95.00". The bank account of 1-5555 was totally compromised.

 

 I have no question for your following examples, because for a fresh transaction there is no issues related two account been combined. The 1-5555 balance is agreed with bank, not been combined with 1-5556, and not in negative at all.

 

Best regards.

Sarah

 

 

 

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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi @schiatswawater 

 

AccountRight 2019 will display the local currency amount in the Account Lists, so in my above post, the value is -95 (AUD), which is made up of the USD account amount (+490) plus the exchange account amount (-585). Note: This balance in the Account Lists is in local currency.  The Reconcile Accounts window is done on the foreign currency amount. So in this case, the USD account is USD$490 and as such will show as USD 490 in the Reconcile Accounts window - as this is done on the originating currency.


In your case, you mentioned that the foreign currency account and the exchange account have been combined, which is I expect to see. With the account balance in the Accounts Lists showing the combined amount (which the local currency balance). However, the Reconcile Accounts window should display the foreign currency amount. If that doesn't I do be viewing the original set up of that accounts, as it would imply that the bank account and the exchange account where in the same currency originally. Thus these values were added together to change the value of the foreign currency and thus show a different foreign currency amount in Reconcile Accounts.

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Steven

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Experienced User schiatswawater
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi Steve,

 

Thank you for your explain. However, I think that we are talking two different cases.

 

I understood the V 2019.2.1 record in different way than old version for foreign currency transaction. But the original record in "Exchange Currency" account could not reconciled with new transaction/bank statement.

 

In my case, when I upgrade my file, the foreign currency bank account and the "Exchange Currency" account were:

 

Before upgrade:

Bank account 1111-5 has NZ$4,194.40 

"Exchange Currency" Account 1111-6 has -$49,357.62 

 

After upgrade:

Bank account 1111-5 became to -$45,163.22

Exchagne Currency 1111-6 disappeared/combined into 1111-5 bank account.

 

I don't have new transaction after the upgrade, my bank statement is NZ$4,194.40.

The upgraded v2019.2.1 became to -$45,162.22. 

 

In this case, the upgraded file could not agrees with my bank statement. It shows rather like a loan account.

 

Should I manually creat a record balance account within the new upgraded file, and separate the "Exchange Currency" old record from my bank account?

 

Best regards

Sarah

 

 

 

MYOB Moderator Steven_M
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1

Hi @schiatswawater 


The account balance -$45,163.22 is what I would expect to see in the Accounts>>Accounts Lists.

When you go to Banking>>Reconcile Accounts>>Select that bank account and what is the closing statement balance listed? Without any transactions ticked in that window, what is the Calculated Statement Balance?

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Steven

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