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

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 Steven,

 

The file was removed. I will reupload again to see whether the bank reconcile account only shows foreign currency figures.

 

Best regards

Sarah

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 Steven,

I have reloaded the file again. The newly upgraded file is acting exactly as what you said. The bank reconcile account is correctly as NZD$4,194.40 .

Sorry for my misunderstanding, I was thought that the account listed figure is bank account figure. In reality, they are as you said that the account list figure is local currency, and the bank balance can be find when I process bank reconciliation. 

 

Thank you so much for your patiently explained. I learnt a lot from you.

 

I have another question and wish you could help me. Is the new v.2019.2.1 must using "Electronic Clearance Account" for makeing payment?

 

I recorded staff wages in MYOB, then made manual transaction from internet banking using bank templet for multy transaction. When I check "Bank Feed", I only see the left has bank list as one transaction in a summarised amount, and could not see and find my staff wages on the right. Did I process the payment in a wrong way? or I recorded wrong?

 

Best regards

 

Sarah

Experienced Cover User Lara10
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Re: Foreign currency bank account became negative figure after upgrade company file to v.2019.2.1


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.

 

Hi @schiatswawater @Steven_M 

 

Sarah - I'm not sure you have been keeping your Exchange currency account accurate - it is true that you can have a negative balance however it should not be greater than your actual balance.  The idea of the exchange account is that when you ADD the bank account and the exchange account you get the balance in your HOME CURRENCY.  In order to keep this accurate in AR19.xx you did need to do 'regular' GJ entries to 'balance' using the average exchange rate for that month - so;

if you were printing your balance sheet for 30 June you would want the value of the two accounts to be the total in your home currency - does that make sense?  So you should not have a negative number greater than your balance.

 

What has happened in AR2019.x is they have (intheir wisdom) merged the two accounts.  Now, I'm not sure how you reconcile this balance to take into account currency fluctuations ... I'm still exploring that (I'm not sure they fully understand their own product there at MYOB .... you would think after waiting for 5 years for this upgrade it would be 'state of the art' ... disappointed)

 

Maybe more confused now, I'm not sure! :-)

 

Lara

 

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

Hi @schiatswawater 

 

Great to hear that you have reviewed that information. For others that may have missed what has occurred, the Account List balance shows the local currency balance of the account, whereas the Reconcile Accounts window is done in foreign currency so shows the foreign currency amounts. 

 

AccountRight 2019 bank feeds work on the principle that you have one AccountRight transaction and one bank feed transaction. If you have a series of transactions that for one bank transaction you would be looking at collating all individual transactions into the one. For payments, you would use the Electronic Payment feature. Basically, this process will collate the individual payments and allow you to process one transaction to the bank account to match with that bank feed transaction. 

Alternatively, if you know the individual transaction that makes up that bank feed transaction you can go to Banking>>Reconcile Accounts>>Select that account and a suitable date before ticking those transactions. This will mark them as cleared and be included in your next reconciliation. You just then need to deal with the bank feed transaction and that can be done by right-clicking on the bank transaction and select Hide Transaction, which will hide it from view.

Kind regards,
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 Lara,

 

Yes, the Exchange Currency account figure is correct. It is not to match your current foreign currency bank account, but it is the record of history of gain/loss during the financial year your had exchagned currency.

 

The current bank account balance is NZ$4,194.40. It has no any relationship to the "Exchange Currency" account figure -$49,357.62.

 

The "Exchange Currency" was showing prevoisely I exchanged NZD$550,000.00 to AUD during this financial year. The exchange rate was 1:1.09859 (NZD$550,000/1.09859=AUD+exchange made difference figure) then all my exchanged currency in v19 is AUD$500,641.73, plus exchange differnce figure -$49,356.62, which is seating in the "Exchange Currency" account.

 

You are correct, the AR2019.2.1 upgraded file has merged the two accounts, which I was panic, and jumped up too early, and don't know how to process my bank reconciliation. But I received help from MYOB, and follow their step by step, my foreigh currency bank account is correctly reconciled. MYOB helps me solved my - foreign currency account became to negative" problem.

 

The AR2019.2.1 "Account List" shows the foreign currency figure is not my bank statement figure, just different way process/record currency equivalent to AUD, you have to go through "Banking" >"Reconcile Accounts" >select your foriegn currency account to see my bank account balance - it is agreed with my bank statement now regardless the Account List negative figure.

 

My file is newly upgraded to AR2019.2.1. I checked both files, before and after upgrade, my Balance Sheet amount exactly the same on both versions files,  it works fine for me now, so far so good!

 

Best regards

Sarah

 

 

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

Thank you so much Steven,

 

You are wonderfull! It works very well!

 

Any suggetion on how to deal with the ATO report on a reversed/deleted payroll?

 

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 

 

I'm not 100% sure on what you are asking, however, I've given you some information that may offer some assistance with that. If it doesn't then I would recommend creating a new post on dedicate STP Board with additional information so we can offer that assistance.

 

AccountRight will report the year-to-date (YTD) information for an employee when reporting to the ATO. So, if you do delete a pay then when you next do a pay the current YTD information will be reported. Our Help Article: Changing or deleting a pay FAQ: How does deleting a pay affect Single Touch Payroll?  contains a video about that situation.

Kind regards,
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 Steven,

 

Thank you for sending me the information regarding the deleting payroll record. 

 

From the information I understood that if I deleted a pay, the payslip and ATO payment report will be removed as well.

 

I recorded staff wages, then I realised that I forgorten allocate the wage cost to which project. So I wanted to remove the recording. Then processed the payroll again. However, I used reversal instead of delete, so the both payslips and both ATO reports are all there. I reported correct one to ATO, and thought that I didn't make payment for the reversed pay, so I didn't report it, the 1st report is still there. What should I do with this reversed pay ATO report? it's still in the Payroll Reporting, shows that I haven't report to ATO.

 

Should I report the reversed pay report as well? or there is a way to remove this ATO report?

 

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 

 

The Payroll Reporting Centre will retain all processed pay events including rejected events and deleted pay runs. So even if you do a pay in AccountRight, reported to the ATO and then delete that pay in AccountRight that pay event record will still be listed in the Payroll Reporting Centre. However, in saying that, AccountRight will report year to date values of the employee. As such, if you delete a pay, when you next file it will report it will come out in the wash.


For example, say I enter 2 pays. each for $100 wages ($200 overall). I then delete one of the pays thus making the year to date $100. When I next did the pays I enter $100, you are reporting $200 as that is the year to date (1 x $100 + new pay $100).

Kind regards,
Steven

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