Multi currencies feature only available in AccountRight Premier 2018.3 and later only. Not sure what version you're using? Open AccountRight and go to the Help menu > About AccountRight.

 

If you deal with suppliers in foreign currencies, you can create multi-currency purchases in AccountRight. It’s still in beta which means the full multi-currency experience isn't here yet, but it's getting close. If you sell to customers in foreign currencies, stay tuned—multi-currency functionality for exporters is coming soon.

To learn more about our multi-currency beta program, where it’s headed, or how you can get involved, visit our website. If you have any questions or feedback, let us know on the community forum.

Want to give it a try? Before turning on the multi-currency features in your working company file, why not have a play in AccountRight's sample company file. You can then see what multi-currency can—and can’t—do and work out if it's right for you.

Using a classic AccountRight version? If you’ve used multi-currency in AccountRight Classic (v19 and earlier), find out how multi-currency has changed (for the better). Also find out about upgrading multi-currency enabled AccountRight Premier v19 company files (conditions apply - learn more here).

Setting up multi-currency

To use the multi-currency features, you’ll need to turn on the preference in your company file. You can then enter exchange rates, choose each supplier's default currency, and create foreign currency bank accounts.

Let’s get started.

1. Turn on the multi-currency preference

Once you turn on the multi-currency preference, you can't turn it off.

  1. Go to the Setup menu and choose Preferences.
  2. On the System tab, select the option I Deal in Multiple Currencies.

    If you don't see this preference, make sure you're using AccountRight Premier 2018.3 (or later). To check, go to the Help menu and choose About AccountRight.

    Learn how to get the latest version.

  3. Read the displayed message about what multi-currency can and can't do.
  4. Click OK to return to the Preferences window.
  5. Click OK.to save the preference. The multi-currency features are now turned on.

     

By turning on this preference:

  • The Currencies List is now available from the Lists menu. Learn more about the Currency List
  • Currency information is available in supplier cards and the Enter Purchases, Pay Bills, Spend Money, Receive Money, Purchases Register, Reconcile Accounts, and Find Transactions (Bill tab) windows
  • A new income account (4-9999 Currency Gain/Loss) is created to track gains and losses from exchange rate changes
  • The currency code field can be added to service and item layout purchase forms (except remittance advice forms - this is coming soon). Learn more about customising your forms
2. Set your exchange rates

Currently you need to manually set exchange rates. In a future release, this will be automated using online exchange rates.

Exchange rates entered here are used when recording and paying bills, but you can use a custom exchange rate when recording a transaction.

There's over 150 foreign currencies available in AccountRight, but you only need to enter exchange rates for the ones you use.

  1. Go to the Lists menu and choose Currencies.
  2. Use the Search field to find the currency by code or name, eg. USD or United States Dollars
  3. Enter the currency’s Exchange Rate. The rate represents the foreign value for $1 of local currency, e.g. 1 AUD = entered exchange rate.
  4. Repeat to enter exchange rates for other currencies.
  5. When you're done, click OK.

3. Set the default currency for each supplier

You can set a supplier’s default currency in their card. If needed, you can choose a different currency when recording purchases.

  1. Go to the Card File command centre and click Cards List.
  2. Click the Supplier tab.
  3. Click the blue zoom arrow to open a supplier’s card.
  4. On the Profile tab, select the supplier’s Default Currency. Here’s an example:
  5. Click OK.
  6. Repeat for other suppliers.
4. Create foreign bank accounts

If you have a bank account in a foreign currency, you can create a matching account in AccountRight. Currently these accounts can only be Bank type accounts, but credit card type accounts will be supported in a future update.

Once an account is created, you can’t change the account type or currency.

  1. Go to the Accounts command centre and click Accounts List.
  2. Click New.
  3. Select Bank as the Account Type.
  4. Enter an Account Number and Account Name.
  5. Select the Currency for this account. Here’s an example account:

    Opening balances

    If the account has a balance, you can enter it here in both foreign and local values. You'll need to manually calculate the local value based on the currency's exchange rate.

  6. Click the Details tab.
  7. Select the Tax/GST Code for this account. This must be a code with a 0% tax rate. Check with your accounting advisor if unsure.
  8. Click OK.
  9. Repeat for additional foreign bank accounts.

Once an account has been used in a transaction, the Accounts List window shows the account balance in your local currency.

 

To see the account’s foreign currency balance, double-click to open the account.

Transacting in multiple currencies

Now that you're set up, you can start recording multi-currency purchases. But first, you might need to transfer funds into a foreign currency bank account (created during the setup above).

Let's step you through this, and also how to record and pay bills.

 

Transfering funds into foreign bank accounts

Use a Receive Money transaction to transfer funds from one AccountRight bank account into a foreign bank account.

Here’s how:

  1. Go to the Banking command centre and click Receive Money.
  2. In the Deposit to Account field, select the foreign bank account. The Currency field updates based on the account chosen, and the exchange rate is shown.
  3. If required, click the exchange rate to change it. The Currency window appears. Changing the rate will result in an unrealised gain or loss.
    • Changing the Default rate will update the rate set against the currency list.
    • Setting a Custom rate will use that rate for this transaction only.
  4. Enter the Amount of the transfer (in foreign currency).
  5. On the first line of the transaction, select the Acct. No. the funds are coming from.
    • The local Amount is calculated and cannot be changed.
    • The foreign currency Amount is copied from what you entered above. This can be changed, if needed.
  6. Ensure the correct Tax/GST code is selected. Here’s an example transaction:
  7. Click Record.
Entering foreign currency purchases

By turning on the multi-currency preference as described earlier, currency information is available when recording purchases (quotes, orders and bills).

This means you’ll see the purchase value in both local and foreign currencies. The default exchange rate set against the currency is used, or you can choose a custom rate.

Only the Item and Service layout is currently supported.


OK, let’s create a foreign currency purchase.

  1. Go to the Purchase command centre and click Enter Purchase.
  2. Click Layout and choose Item or Service.

    Professional layout

    This layout is coming soon for foreign currency purchases. Until then, you can use the Service layout and add the date to the start of the Description field for each line.

  3. Choose the Purchases Type (Quote, Order or Bill).
  4. Choose the Supplier. The default currency set in their card is shown. If required, you can click the dropdown arrow to choose a different currency for this purchase.
  5. If required, click the exchange rate to change it. The Currency window appears.
    • Changing the Default rate will update the rate set against the currency list.
    • Setting a Custom rate will use that rate for this transaction only.
  6. Enter the details of the purchase.
    • Only the foreign currency amount can be entered. The local currency amount is calculated for you.
    • Only 0% tax/GST codes can be assigned in foreign currency transactions.
    Here’s an example:
  7. (Optional) Recap the transaction (Edit menu > Recap Transaction) to view journal postings in local currency, then click Close.
  8. Click Record.

The way you change a quote or order into a bill remains the same. Learn more about Changing the purchase type.

Paying foreign currency bills

Paying foreign currency bills is similar to paying other bills, but with some handy extras.

Let’s take a look:

  1. Go to the Purchases command centre and click Pay Bills.
  2. Choose the Pay from Account. This can be a local or foreign currency bank account.
  3. Choose the Supplier. Their open bills are listed.
    • Bills are grouped by currency (if you’ve recorded bills in multiple currencies).
    • Click a currency to see those bills - the exchange rate and amounts on the window update accordingly.
    • The Owed columns and Total Paid field show local and foreign values.
  4. If required, click the exchange rate to change it. The Currency window appears. Changing the rate will result in a realised gain or loss.
    • Changing the Default rate will update the rate set against the currency.
    • Setting a Custom rate will use that rate for this bill payment only.
  5. In the Amount field, enter the total foreign currency amount being paid.
  6. In the Applied column, enter how much of the payment you want to apply to each purchase in that currency.

    Click Pay All to pay all a supplier’s bills for the same currency. The total payment amount appears in the Amount field and the individual payment amounts are applied to each open purchase in that currency.
  7. Ensure the Out of Balance is zero. An out of balance will show if the Total Paid and Amount fields don’t match.
    Notice the converted local value is also shown.

    Finance Charges can’t be applied to foreign currency transactions. What are your thoughts on this? Let us know on the community forum.
  8. (Optional) Recap the transaction (Edit menu > Recap Transaction) to view journal postings in local currency, including any realised gains or losses. Then click Close.
  9. Click Record.
Reporting on foreign currency purchases

We’re still working on adding multi-currency info to AccountRight’s reports. But we’ve enhanced the Purchases Register to give you some great insights into your multi-currency transactions.

Once you’re in the Purchases Register (accessible from the Purchases command centre), here’s just a few things you can do.

Note:

  • Clicking Print from the Purchases Register will display the Purchases Register Detail report in local currency values only.
  • The amount due in local currency is calculated using the exchange rate entered in the Currency List window rather than the transaction rate. This provides a more accurate view of what's owing if paid today.

 

 

Try this

Details

Expand the window to see all columns

We’ve made the Purchases Register window wider to accommodate the new foreign exchange columns Amount (FX) and Amt Due (FX) .

(click to enlarge)

Group by currency

Right-click the Currency column and choose Group By This Column .

Currencies are then grouped with subtotals.

(click to enlarge)

Group by multiple levels

  1. Right-click and column heading and choose Show Group By Box .

  2. Drag the columns you want to group by, such as by supplier, then by currency.

(click to enlarge)

View your realised gains and losses

The Realised G/L column shows any gains or losses (in local currency) resulting from exchange rate changes.

Negative values are losses, and positive values are gains.

Analyse your data further

Copy info from the Purchases Register to paste into Excel for further analysis. Right-click the list and choose Copy to Clipboard , then paste into Excel.

(click to enlarge)

  FAQs


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 (yet)

  • Create a quote, purchase order and bill for Item and service layouts

  • Set a default currency on a supplier card

  • Set default exchange rates from the currency list

  • Set a custom exchange rate for a specific transaction

  • Create and reconcile a bank account using a foreign currency

  • Create Spend Money and Receive Money transactions using the foreign bank account

  • Inventory tracking, including receipting of stock on an order (Receive Items).
  • Pay foreign bills and track the realised gain or loss

  • Raise and settle debits against foreign bills

  • View transactions grouped and subtotalled by currency in the Purchases Register

  • View foreign currency values in printed and emailed purchases (orders, quotes, bills and remittance advices)
  • Track foreign currency realised gains and losses from the Purchases Register window
  • Add the Currency Code field to Item and Service layout purchase forms (except remittance advice forms - this is coming soon)
  • Create and reconcile foreign bank accounts (the printed Bank Reconciliation report will be in local currency)
  • Upgrade multi-currency enabled AccountRight v19 company files (conditions apply - learn more)
  • Manually revalue foreign balances.
  • Create foreign sales quotes, orders and invoices

  • Create foreign purchases using the Professional and Miscellaneous layouts

  • Create foreign recurring purchases

  • Apply payments to foreign bills via the Bank Register (use Pay Bills instead)

  • Run a report to view unrealised gains and losses
  • Use live exchange rates
  • Create foreign transactions with a tax/GST rate that is higher than 0%
  • Use multi-currency end points from the AccountRight API.
  • View foreign currency information in accounts payable, accounts receivable and bank reports.
  • Report on outstanding foreign currency balances.

 

 

How do I sort my suppliers by currency?

How do I sort my suppliers by currency?

You can add the Currency column to the Cards List so you can group your suppliers by currency.

Here's how:

  1. Go to the  Card File command centre and click  Cards List.
  2. Click the Supplier tab.
  3. Right-click a column heading and choose Column Chooser.
  4. Double-click Currency from the list. The Currency column is added to the list. If you like, click and drag the column heading to move the column to a new position.
  5. Right-click the Currency column heading and choose Group By This Column.

Learn more about searching, filtering and grouping in the Cards List.