Chapter 11 Int ernational transactions
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M YOB Premier Asia
St ep 1: Select t he m ult iple currency opt ion
1
Go to the Setup
m enu and choose Preferences
. The Preferences
w indow appears.
2 Choose the
I Deal in M ultiple Currencies preference on the
System
tab. N ote that you cannot change this preference once you begin entering
m ultiple-currency transactions.
3 Click
OK to prepare your company file for m ultiple currencies.
4
Click OK
to close the Preferences
window.
St ep 2: Set up records for foreign currencies
M YOB Prem ier provides you with records for several comm only used foreign currencies, as well as your local currency.
If you do business in any other currency, you will need to create a record for the currency and enter its current exchange rate. Follow the
instructions below.
1 Go to the
Lists m enu and choose
Currencies . The
Currencies List window
appears.
2
Click N ew
. The Currency Information
window appears.
3 Enter details of the currency such as a code, nam e and current exchange
rate. For detailed field help, click the
Help
button and choose
Help for This Window
. At this stage, you only need to complete the
Currency Profile tab.
4 Click
OK and then
Close .
St ep 3: Creat e account s t o t rack foreign-currency t ransact ions
To track transactions in a foreign currency, you must create a num ber of accounts that use that currency rather than dollars. You cannot sim ply use
the sam e accounts you use for your local currency transactions because your currency and other currencies rarely trade at par with one another
for example, one Singapore dollar rarely buys exactly one m onetary unit in any other currency.
NOTE:
Foreign-currency accounts are automatically linked
For every foreign-currency account you create, M YOB Prem ier will autom atically
create a linked exchange account. For example, if you create a yen cheque account, a yen exchange account w ill be creat ed automatically. M YOB
Prem ier uses these dual accounts so that both the foreign currency am ount and t he local currency equivalent of a t ransact ion can be view ed on your
balance sheet.
N ote that you can let M YOB Premier create the linked exchange account for you or you can specify one yourself. To create an account, see
‘To add an account to your accounts list’ on page 96
. Before you create an account, we suggest you review the following
sections to get an understanding of the accounts you need to create.
If you make foreign sales You are likely to need the following accounts if
you accept payment from customers in a foreign currency.
z
Asset account for tracking receivables for instance, ‘Receivables Accounts Euro’. This account must be assigned the foreign currency
and not your local currency.
z
Bank account w here customer receipts in the foreign currency will be deposited. This can be your local currency account if your bank accepts
deposits in other currencies.
z
Liability account for deposits received if you allow customers to make deposits on orders. This account can be assigned the currency code for
either the foreign currency or your local currency.
NOTE:
Grouping with undeposited funds Only receipt transactions t hat
are in your local currency m ay be grouped as a deposit of undeposit ed funds. Also you can only use your local currency account as the linked
account for undeposit ed funds.
If you make foreign purchases
The accounts you are likely to need if you m ake payments to suppliers in a foreign currency are:
Sett ing up multiple currencies
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User Guide
z
Liability account for tracking payables for instance, ‘Payables Accounts Euro’. This account m ust be assigned the foreign currency and not your
local currency.
z
Bank account that will be used to pay debts in a foreign currency. This can be your local currency account if your bank writes cheques for you
in other currencies.
z
Asset account for deposits paid if you make deposits on orders. This account can be assigned the currency code for either the foreign
currency or your local currency.
z
Liability account for im port duties collected if youre required to pay duty on goods you import. This account can be assigned the currency
code for either the foreign currency or your local currency.
If you track unrealised gains and losses
When you activate the m ultiple- currency feature in M YOB Premier, a Currency Gain Loss account is
created automatically. We recomm end that you consult your accountant to determine whether
your business needs to track unrealised gains and losses and, if it does, the most appropriate way for it to do so. See
‘Tracking currency gains and losses’ on page 124
for m ore inform ation. Depending upon your business, you m ay also need to create additional
accounts to track foreign bank accounts, assets held overseas and the like. If you are unsure about the accounts you m ay need, ask your accountant
or an M YOB Certified Consultant.
St ep 4: Assign account s t o foreign currencies
1 Go to the
Lists menu and choose
Currencies . The
Currencies List window
appears.
2 Click the zoom arrow
next to the currency you want to assign to accounts. The
Currency Information w indow appears.
3 Select the required tab. Click either:
z
the Receivable Accounts
tab if customers pay you in this currency or
z
the Payable Accounts
tab if you pay suppliers in this currency.
4 Enter the relevant account for tracking receivables or payables in the
appropriate field. Use the receivables or payable account you created in ‘Create accounts to track foreign-currency transactions’ on page 122
.
5 In the bottom section of the window, m ark the options that apply to your
business. As you m ark options, additional fields w ill appear and you can enter the accounts you w ill use to track various parts of your transactions,
such as freight, deposits and discounts. For detailed field help, click the
Help button and choose
Help for This Window .
6 Click
OK
and repeat this procedure for each currency to which you want to assign accounts.
St ep 5: Assign appropriat e currencies t o foreign cust omers and suppliers
The currency used in a transaction is determined by the currency assigned to the customer or supplier card you are using.
A card can only use a single currency so if you deal with a customer or supplier in m ultiple currencies, you will need to create a separate card for
each currency.
NOTE:
A card with transactions You can’t change t he currency of a card
that you have already used in a transaction. You will need to creat e a new card for the cust om er or supplier.
Any transactions recorded for a card will be in the currency linked to the card.
1 Go to the
Card File com mand centre and click
Cards List . The
Cards Lis t
window appears.
2 Click the zoom arrow
next to the required card to display the Card
Information window.
3 Click the
Profile tab.
Chapter 11 Int ernational transactions
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