Overseas Bank Statements

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Overseas Bank Statements

Am still unable to reconcile overseas bank statements. Was looking for an estimate as to when this will be fixed. Have been unable to do a bank reconciliation since last year's update because of the issues.

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Re: Overseas Bank Statements

Keen to know the same - we have been reconciling - because on the screen - it is actually ok ... it's just the printed report which shows a vastly different value for Expected value on statement ... not ideal, but also not seemingly being looked at by MYOB

 

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Re: Overseas Bank Statements

Still waiting on that as well, why would a foreign currency bank reconcliation be any different to a local currency reconciliation... beats me how that was overlooked

Lynne Wagner
Zebra Accounting and Business Systems
PO Box 234
SHERWOOD QLD 4075
Ph: 0408 990 121
email: lynne@zabs.com.au
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Re: Overseas Bank Statements

@LFW02  .... sadly the concept of foreign currency exchange is lost on the MYOB team .... US$1000 converted to AUD in mid March is a very different value to US$1000 today ... let alone if we are talking 10-20 times those values ... this 'new' system has no way to account for currency fluctuations (from memory, the AUD floated back in the mid-late 80s, when I was in high school!!!!) ...

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Re: Overseas Bank Statements

Hi @nwg 

 

I understand looking at your account that you have had a data file investigation and repair completed on your company file. This was actioned back in December 2019 and then again in March 2020. Are you needing to arrange for that company file to be sent in again?

If so, we would need a copy of the Reconciliation report and also a screenshot of the Reconcile Accounts window showing the top information - i.e. date, account, new statements balance, calculated statement balance and out of balance.

Kind regards,
Steven

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Re: Overseas Bank Statements

Hi Steven_M,

 

No repair was completed that  worked. 

 

It’s our understanding that MYOB are still working on the issues as nothing was resolved previously. We were told that this would not be fixed quickly, but it’s been several months and  no update. I’d be quite happy if they reverted that part of the program back to the system used before it was updated last year.

 

 

 

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Re: Overseas Bank Statements

Hi @Steven_M 

 
My file did go for data repair, twice ... it was not repaired & I can’t be a week or more without my file. There are a few other issues, I had communication with the team & they were going to get back to me but no. Maybe you can see reference to that also & reinitiate review. I probably should send in my file ahead of EOFY if I can still access my file. Thanks for the reminder
 
Still I am concerned about the way MYOB deals with foreign currency accounts & the accuracy of these accounts, trade debtors & trade creditors in the balance sheet.  As @nwg says, the way the previous versions worked with regard to Foreign currency was much more transparent from an accounting perspective.
 
Cheers Lara
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Re: Overseas Bank Statements

Hi @nwg 

 

From the information of the repair ticket, a recalculation was attempted to be done on those accounts and the company file returned. It does look like you did have some trouble in restoring that repaired file back in December to which attempts were made by our phone-based team to discuss further with you. From what I can see, after those attempts were unable to get hold of you, an email was sent to close off that ticket with a reply option should need additional assistance outside of the steps than the email provided.


In terms of the actual issue relating to those multiple currency reconciliations not working as intended for previously generated AccountRight Classic company files, it something that we have been investigated and reported through to the required team. At this stage, while we have added additional behind the scenes work to aid clients with multi-currency files to migrate to AccountRight 2020, no additional work has been done on reconciling those multi-currency transactions.

 

Although, should you have encountered a situation where a migrated multi-currency transaction file has been migrated from AccountRight v19 to 2020 and the Reconciliation balances i.e. the calculated statement balances matches that of the new statement match but disagrees with the reconciliation report, we would need to see a copy of the reconciliation report and a screenshot of the Reconcile Accounts window for that reconciliation. 

Kind regards,
Steven

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Re: Overseas Bank Statements

If you have converted from the AccountRight Classic with multicurrency, you should have an income account 4-xxxx for Currency Gain/Loss.

 

Just do a General Journal entry (in local currency) into the FC account to balance the local total (MYOB account ending balance) with the calculated exchange value of the foreign currency total (actual bank balance / current exchange rate).

 

Put the other leg of the journal into the Gain/Loss account.

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