Multi currency transaction (transfer money between accounts)

Experienced User Lalapot
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Multi currency transaction (transfer money between accounts)

Hi,

Im currently using multicurrency feature in myob, entering money transfer between local and foreign bank accounts. On the sample entry below it have two debit and two credits. What's the use of another  "currency exchange"

 

http://help.myob.com/wiki/display/supar/Transferring+funds+between+your+local+currency+and+a+foreign...

 

my entry in myob is straight tranfer to accounts: example tranfer of 10,000 USD to AUD @ 0.7979

DEBIT: AUD bank account    12,532.90

CREDIT: USD bank account       12, 532.90

 

is my entry wrong? why is it diffrent from the sample entry above?

 

thanks

 

4 REPLIES 4
MYOB Moderator Steven_M
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MYOB Moderator
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Re: Multi currency transaction (transfer money between accounts)

Hi @Lalapot 

 

AccountRight Classic (v19) requires an exchange account for each foreign currency account. This exchange account is a local based currency and is used to track changes in the currency value along with aid in account reporting.

 

When you record a multi-currency transaction, be it a transfer to another currency, the exchange account of that currency is affected. Basically, it will either reduce or increase with the originating currency account to reduce or increase that currency value.

 

Note: AccountRight 2019.2 doesn't deal with currency accounts.

 

Kind regards,
Steven

MYOB Community Support

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

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Experienced User Lalapot
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Re: Multi currency transaction (transfer money between accounts)

Hi @Steven_M ,

 

Thanks for your reply. 

 

Is AccountRight Premier AU 2019.2.1 same as AccountRight 2019.2 . That's what im using.

 

So in AccountRight 2019.2 , it would be a normal entry as I described before?

 

Thank you.

MYOB Moderator Steven_M
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Re: Multi currency transaction (transfer money between accounts)

Hi @Lalapot 

 

Sounds like you are using AccoutnRight 2019.2(.1) so I would be entering the transaction something similar to:

 

Banking>>Spend Money transaction where the USD account is the Pay from Account and the Allocation is the main bank account. You want to ensure that you have that currency set to be USD and the rate enter appropriately.

 

Attachment.PNG

 

Let us know how you get on and if you require further assistance.

Kind regards,
Steven

MYOB Community Support

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

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Experienced User Lalapot
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Re: Multi currency transaction (transfer money between accounts)

Yes that's my entry. Thus no currency exchange account debited nor credited. Resulting entry would be a normal

DEBIT: AUD bank account    12,532.90

CREDIT: USD bank account       12, 532.90

 

Thanks

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