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  • How is multi-currency different from AccountRight v19?


 

 

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If you’ve used multi-currency in AccountRight Classic (v19 and earlier), you’ll notice some changes with the way it works in the new AccountRight.

And by ‘changes’ we mean ‘exciting improvements’.

More specifically, here's what's different:

  • Exchange rates are now in the same format as those published in the media. The exchange rate represents the foreign currency value for 1 dollar of local currency, eg. 1 AUD = 0.75 USD. This is opposite to the way exchange rates displayed in AccountRight v19.
  • You can use multiple currencies for a card. This means you don't need multiple cards for the same supplier/customer if they deal in more than one currency.
  • A complete list of currencies is available for you, so you don't need to create any.
  • All transactions use your current trade creditors/debtors account. You no longer need to set up or use foreign currency trade accounts or foreign currency exchange accounts (what a relief!).
  • Your local currency can only be AUD or NZD.
  • Deposits are now correctly cleared to zero when a transaction is closed.
  • You can use live exchange rates so you don't have to manually update them each time you enter a transaction.

Learn more about working with multiple currencies.

Upgrading from AccountRight v19

Some classic AccountRight company files which used multi-currency can now be upgraded to the new AccountRight. For all the details, see Upgrade a Premier multi-currency company file.

What can and can’t be done with multi-currency in AccountRight?

What can and can’t be done with multi-currency in AccountRight?

 

CAN do

CAN’T do

  • Create foreign purchases and sales, so it suits both importers and exporters.

  • Track realised gains/losses on payments.

  • Use item and service layouts for quotes, orders, and invoices/bills.

  • Print and email foreign sales orders, purchase orders and remittance advices.

  • Full inventory tracking, including receipting of stock off an order (Receive Items).

  • Set default currencies on supplier cards.

  • Set global exchange rates from the currency list.

  • Set custom exchange rates for a specific transaction.

  • Create and reconcile bank accounts using foreign currencies.

  • Create spend money and receive money transactions using foreign bank accounts.

  • Pay foreign bills and track the realised gain or loss.

  • Upgrade from AccountRight Classic (v19). Show me how.

  • Import purchases, spend money and receive money transactions.
  • Create foreign bank and credit card accounts.
  • Use live exchange rates (2019.2 and later online files only)
  • Create foreign transactions with a tax/GST rate that is higher than 0% (2019.2 and later)
  • Use professional or miscellaneous layouts.

  • Email/print customer statements (Due in Q3 2019)
  • Create or use recurring transaction templates for foreign transactions

  • Report on outstanding foreign currency balances (unrealised gains/losses)

  • Use multi-currency endpoints from the AccountRight API to create multi-currency transactions (Due in Q3 2019)

  • Set a local currency other than AUD or NZD

  • Export foreign transactions to Excel/CSV
  • Item prices - base selling price and standard cost are treated as local prices in multicurrency transactions (Due in Q3 2019)
  • Link foreign customer cards to jobs, or use job reimbursable.