how to record foreign exchange in Accountright Premier

[Maverick]

hi

we receive invoices to pay from Australia in both Australian dollars & US dollars (two different suppliers)

is there a "best way" to enter such invoices as i previously have entered the invoice as if it was NZ$ then do adjustments when making actual payment to the supplier.

[Kym__Yeoward · Accepted solution]

I have an Australian retail client who imports specialist clothing from the US and uses Retail Manager 12 & AR Plus 19.10.

We enter the purchases in Retail Manager in USD, then import to AR.

Before doing a Pay Bill, we amend the purchase in AR, to add 2 lines - 1 for the exchange conversion (we use 61535 Exchange Loss/(Gain) and 1 for the bank fee. This brings the purchase into line with the bank payment, which we enter as a Pay Bill (in AUD).

If you use AccountRight 2015 and make regular overseas purchases, you might want to look at the new AccountRight add-in - TransferMate - International Payments for MYOB - which greatly simplifies overseas payments.

[jenniek]

Hi there @Maverick 

What version of MYOB are you using. The AccountRight Premier 19.5 version handles multi-currency.

[Kym__Yeoward]

AR Premier 19 has multi-currency, but alas AR 2015 does not.