Foreign exchange rates

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Trusted User
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Foreign exchange rates

Hi,

I have been receipting a couple of foreign invoices today and noticed that although different dates they both registered with the same exchange rate exactly.

 

I have checked and both are on "live" but surely they should be slightly different???

They were both entered within minutes of each other but under different dates.

Is this working correctly?

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MYOB Moderator
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Re: Foreign exchange rates

Hi @Connockity 

 

I’d recommend having a look at the “To use live exchange rates” section of our help article The Currency List, which has an explanation as to how the live exchange rates work within the software.

 

As the live exchange rates system is only looking at the current rate they do not backdate. So if you needed the rate to be a specific rate for a transaction, you would need to switch off the live rates and manually enter in the desired rate

Regards,
Neil

MYOB Community Support

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

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Trusted User
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Re: Foreign exchange rates

I have checked the file and found that it doesn't say anything about the live rates only being applicable for today and not back dating.

So now I have to go back 3 months and alter all my rates as it is very seldom that I enter the transaction on the day it took place.

Gahhh!!!

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Re: Foreign exchange rates

@Connockity  yet another 'feature' in MYOB which is clunky and creates more work for the user.  The ATO ruling on exchange rates is to use the exchange rate as at 4pm on the day PRIOR to the date on your invoice - this is actually something that MYOB should be able to write into their program - it's not rocket science - I have the RBA site open constantly for that reason. 

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