Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

Fraser33
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Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

I have just upgraded a multi-currency company file from Classic (Enterprise v 19) to Accountright 2019.2. In v19 I was able to transfer NZ$ from my New Zealand NZ$ bank account to my Australian NZ$ account in one "Receive Money" transaction. This appears to not be supported in 2019.2 becuase even though I have tried to use both Receive Money and Spend Money to do this it appears you can only transfer between a NZ$ account and an AU$ account (my default currency) as when you select a foreign currency bank account  in "Pay from account" or "Deposit to Account" option and select NZ$ in the currency dropdown box when you then try to select the other NZ$ account in the Acct. No field in the details section it only shows the AU$ bank accounts.

 

I have spent an hour trying to get help via an online Chat, another 20 mins waiting for the standard MYOB support line only to be told both times I need to talk to tech support and after being put through and then being on hold and waiting 30 mins I gave up. I know I can do a work around by recordng a transfer from the NZ NZ$ account to my Australian AAU$ acount and then transferring from my Australian AU$ account to the Australian NZ$ account but this gives bank reconciliation probelems becuase the transfer is done directly by the bankls and not via an AU$ account .

 

Any ideas ? MYOB dont !!

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MYOB Moderator CloverQ
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Re: Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

Hi @Fraser33 

 

Sorry to hear about the frustration you had on this matter. 

 

In v2019.2, you can record the transfer using Accounts > Record Journal Entry. You'll be able to debit one NZD bank account and credit the other with the same amount. 

 

Please feel free to let us know how it goes for you.

Cheers,
Clover

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Trusted Cover User DevP
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Re: Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

Same story for us. No, you cannot do spend/receive/transfer money for foreign currency to foreign currency in the 201x version.


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Dev
MYOB Moderator Theresa_D
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Re: Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

Hi @Fraser33 @DevP 

 

Just wanted to jump into the conversation to provide a couple of resources on multiple currency.  I hope this provides some clarification.  Some of our partners who work with multi currency may have more advice on this 

 

Working with multiple currencies 

How is multi-currency different from AR v19? 

 

I hope this helps!

Cheers,
Theresa

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Fraser33
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Re: Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

I tried this workaround but cant get it to work ? How do you select a foriegn currency when doing a journal ? Please dont refer me to general multi-currncy articles as they do not address this issue - I have read them all !!

Ultimate Partner Mike_James
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Re: Transferring foreign currency from one bank account to another bank account with same foreign currency in 2019.2

Hi @Fraser33 , I note your home currency is AUD, and you have NZD bank accounts in NZ and Australia. 

 

General journals can only be recorded in your home currency, ie AUD. And a Spend or Receive Money transaction on a foreign bank account cannot be allocated to another foreign bank account.

 

So I suggest you create a banking clearing account in AUD, which doesn't need to be of type 'Bank', then record two transactions in NZD - one Spend Money for the transfer out of the first NZD bank account (as the Pay From), and one Receive Money for the transfer in to the 2nd NZD bank account (as the Deposit To). Both of these transactions should be allocated to the new banking clearing account.

 

These two transactions should be done at the same exchange rate assuming the same NZD has been sent and received, but if bank charges have been deducted on the transfer in, you could add a second line on the Receive Money transaction to record those, allocated to bank charges expense. (PS it doesn't matter what the exchange rate is as long as it is realistic). 

 

Since the two entries to the clearing account are at the same rate they will offset each other, and the balance on the clearing account should always be nil afterwards.

 

I hope you will be able to record the transfer correctly now.


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

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