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Australia only

To set up a bank feed for a Commonwealth Bank account:

Your AccountRight company file doesn't need to be online to set up bank feeds, but you'll need an internet connection.

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AccountRight Premier 2018.3 and later only

 

If you deal with suppliers in foreign currencies, you can now 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 deal in foreign currency exports (sales), stay tuned—multi-currency sales functionality is coming soon.

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

Using a classic AccountRight version? If you’ve used multi-currency in AccountRight Classic (v19 and earlier), you’ll notice some changes <add link to new topic>. And by ‘changes’ we mean ‘exciting improvements’. Because it’s still in beta, you’re not yet able to upgrade classic AccountRight company files that have used multi-currency, but we’re working on it. We’ll let you know when it’s ready.

Setting up multi-currency

To use the multi-currency features, you’ll need to turn on the multi-currency preference. You can then enter exchange rates, choose your suppliers’ default currencies, and create foreign currency bank accounts.

Let’s get started.

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title1. Turn on the multi-currency preference
  1. Go to the Setup menu and choose Preferences.
  2. On the System tab, select the option I Deal in Multiple Currencies.
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  3. Click OK.

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

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Once you turn this preference on in the sample file, you won't be able to turn it off.

By turning on this preference:

  • Foreign currencies now available from the Lists menu.
  • 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.
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title2. Set your exchange rates

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

The exchange rate will be used when recording and paying bills, or a custom exchange rate can be used per transaction.

  1. Go to the Lists menu and choose Currencies.
  2. Use the Search field to find the currency by currency code or name.
  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.
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  4. Click OK.
  5. Repeat for other currencies.
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title3. 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:
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  5. Click OK.
  6. Repeat for other suppliers.

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.

  • Go to the Accounts command centre and click Accounts List.
  • Click New.
  • Select Bank as the Account Type.
  • Enter an Account Number and Account Name.
  • Select the Currency for this account. Here’s an example account:
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    title4. Create foreign bank accounts
    note

    Bank feeds can't be set up for CBA personal credit card accounts. Which CBA accounts are supported?

    There are two parts to setting up a bank feed:

    1. Apply

    Start the application process in AccountRight, then finish via NetBank (the Commonwealth Bank's online banking). Alternatively, you can submit an application form.

    >

    2. Link

    Once your bank feed application is approved, choose the AccountRight account the bank feed applies to.

    1. Apply for a bank feed

    Applying online via NetBank is the quickest way to get up and running. Otherwise you can complete an application form.

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    titleTo apply via NetBank (recommended)

    To apply via NetBank

    The quickest way to apply for a bank feed is to start the process in AccountRight, then finish it via NetBank, the Commonwealth Bank's online banking.

    You won't be able to apply via NetBank if:

    • you don't have access to NetBank - speak to the Commonwealth Bank about getting set up.
    • you use Commonwealth Bank CommBiz
    • there's more than one signatory on your account, or
    • you've chosen to "mask" your account numbers in NetBank (so they display as XXX XXX) and you don't want to turn this off.

    If you can't apply via NetBank, use an application form instead. See the next task for instructions.

     

    To apply for a bank feed via NetBank

    1. Start AccountRight.
    2. Go to the Banking command centre and click Bank Feeds.

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      titleIf it's your first bank feed
      1. The Manage Bank Accounts window appears. Click Get Started with Bank Feeds.
        Manage bank accounts window with get started with bank feeds buttonImage Added
      2. An internet browser window opens and the MYOB Sign In window appears.
      3. If prompted, sign in with your MYOB login details (email address must be lowercase).
      4. Proceed to step 4 below.
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      titleIf it's an additional bank feed
      1. The Bank Feeds window appears. Click Manage Bank Accounts.
        Bank feeds window with manage bank accounts button highlightedImage Added
      2. When the Manage Bank Accounts window appears, click Add or remove a bank account. An internet browser window opens and the MYOB Sign In window appears.
      3. If prompted, sign in with your MYOB account details (email address must be lowercase). 
      4. If you have multiple MYOB products or company files, select the applicable product and company file.

    3. Choose your company file from the Set up bank feeds for this company file list.

    4. Click Add more bank accounts or Add more credit cards.
      Add more bank accountsImage Added

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      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.

    5. Click the Details tab.
    6. 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.
    7. Click OK.
    8. 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.

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

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    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.

     

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    titleTransfering 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. 'Add more' buttons missing?

      Oops - you're probably not the online owner (this is usually the person who set up your AccountRight subscription). If you are the online owner (or should be), contact us and we'll help sort it out.

    2. Select Commonwealth Bank of Australia (CBA) from the list of financial institutions.

    3. Choose the option to continue the bank feed application online.

    4. Enter your account details and select the I confirm... checkbox.

    5. Click Submit.
    6. Click Continue to online banking and then log in to NetBank.
    7. Select the account you want to receive bank feeds for.
    8. Select the terms and conditions checkbox.
    9. Click Confirm to submit your application.

    Applications are usually processed by the CBA within 24 hours, but it can take a few days—we'll let you know when it's ready. To check the application status, see Manage bank feeds.

    If you haven't heard from us after 5 business days, give our bank feed team a call on 1300 555 931 (Australia).

    Once it's ready, you'll need to link the bank feed to the corresponding account in AccountRight. See task 2 below for instructions.

    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.
    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 Image Removed to select a different currency for this purchase.
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    5. If required, change the exchange rate (click the blue zoom arrow Image Removed next to the Currency field).
      • 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.
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    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:
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    7. (Optional) Recap the transaction (Edit menu > Recap Transaction) to view journal postings in local currency, then click Close.
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    8. Click Record.

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

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    titleTo apply with an application form

    To apply with an application form

    If you can't apply for a bank feed via NetBank (the Commonwealth Bank's online banking), here's how to apply using an application form.

    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.

    1. Start AccountRight.
    2. Go to the Banking command centre and click

      Receive Money.
    3. 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.
    4. If required, change the exchange rate (click the blue zoom arrow Image Removed next to the Currency field). 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.
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    5. Enter the Amount of the transfer (in foreign currency).
    6. 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.
    7. Ensure the correct Tax/GST code is selected. Here’s an example transaction:
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    8. Click Record.
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    titleEntering foreign currency purchases
    1. Bank Feeds.

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      titleIf it's your first bank feed
      1. The Manage Bank Accounts window appears. Click Get Started with Bank Feeds.
        Manage bank accounts window with get started with bank feeds buttonImage Added
      2. An internet browser window opens and the MYOB Sign In window appears.
      3. If prompted, sign in with your MYOB account details (email address must be lowercase).
      4. Proceed to step 4 below.
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      titleIf it's an additional bank feed
      1. The Bank Feeds window appears. Click Manage Bank Accounts.
        Bank feeds window with manage bank accounts button highlightedImage Added
      2. When the Manage Bank Accounts window appears, click Add or remove a bank account. An internet browser window opens and the MYOB Sign In page appears.
      3. If prompted, sign in with your MYOB account details (email address must be lowercase).
      4. If you have multiple MYOB products or company files, select the applicable product and company file.
    2. Choose your company file from the Set up bank feeds for this company file list.

    3. Click Add more bank accounts or Add more credit cards.
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    Only the Item and Service layout is currently supported.
    UI Expand
    titlePaying 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.
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    4. If required, change the exchange rate (click the blue zoom arrow next to the Currency field). 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.
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    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.
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      Click Pay All Image Removed 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.
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      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.
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    9. Click Record.
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    titleReporting 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.

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    Clicking Print from the Purchases Register will display the Purchases Register Detail report in local currency values only.

     

     

    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)

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    Group by currency

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

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    Currencies are then grouped with subtotals.

    (click to enlarge)

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    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)

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    View your realised gains and losses

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

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    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)

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    'Add more' buttons missing?

    Oops - you're probably not the online owner (this is usually the person who set up your AccountRight subscription). If you are the online owner (or should be), contact us and we'll help sort it out.

  • Select Commonwealth Bank of Australia (CBA) from the list of financial institutions.

  • Choose the option to have an application form emailed to you.
  • Complete your bank details.
  • Select the I confirm... checkbox then click Submit.

  • You'll be prompted to print the bank feed application form.

    1. Click Print Form. The authority form and cover sheet appear. A copy of the authority form is also sent to you by email.
    2. Print the form.
    3. Read the cover sheet for instructions on how to complete and submit the form.
  • Click Done in the Print the bank authority form page.
    The My Products page appears. This shows details about your AccountRight subscription and online services.
    The Bank Feeds section is updated with the details of the bank feed you have just applied for.
    My products page in my.myob showing bank feed statusImage Added
  • Complete and submit the application form. Submission details are provided on the form.
  • Your application will be processed within 10 business days—we'll let you know when it's ready. To check the application status, see Manage bank feeds.

    If you haven't heard from us after this time, give our bank feed team a call on 1300 555 931 (Australia).

    Once it's ready, you need to link the bank feed to the corresponding account in AccountRight. See the instructions below.

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    2. Link the bank feed to an account in AccountRight

    We’ll notify you by email when your bank feed is ready to use. You can then link the bank feed to the corresponding account in AccountRight.

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    titleTo link an account to the bank feed

    To link an account to the bank feed

    1. In your company file, go to the Banking command centre and click Bank Feeds. The Bank Feeds window appears.
    2. Click Manage Bank Accounts. The Manage Bank Accounts window appears.
      This window shows the status of your bank feeds applications so you can follow their progress.
    3. Click Check/update status.
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      The bank feeds Log in window appears.
    4. Sign in with your MYOB account email address and password (email address must be lowercase).
    5. The Manage Bank Accounts window reappears. This window shows all the bank feeds you have set up and their status.

    6. In the Associated Account column, select an account from the list. This will be the account that the bank feed will be compared to. You can only select accounts set up as a bank account or credit card. Learn more about account types .
      Image Added

    7. Click Use Account. The account is now linked to the bank feed.
    8. Click OK to finish.

    What happens next?

    When your bank feed is ready and it's linked to an AccountRight account, you’ll be able to download and approve transactions into your company file. What's the bank feed delivery frequency?

    Note that the first bank feed you receive will have transactions dated from when your bank feed was approved. Any transactions that occurred while you were waiting for the bank feed to be set up won’t be included. If you want to import and reconcile transactions dated before your feed approval date, you can import a bank statement.

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    <h2><i class="fa fa-comments"></i>&nbsp;&nbsp;FAQs</h2><br>h2>
     

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

     

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    titleWhat can and can’t be done with multi-currency in the AccountRight 2018.2 sample company file?

    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.

    • 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.

    • Create foreign sales quotes, orders and invoices.

    • Create foreign purchases using the Professional and Other layouts.

    • Create foreign recurring purchases.

    • View foreign currencies in forms and reports (but you can track the realised gains and losses from the Purchases Register window).

    • View foreign currency values in printed and emailed purchases (orders, quotes, bills and remittance advices)
    • Upgrade AccountRight v19 or earlier company files (also known as classic AccountRight versions) that use or previously used multi-currency

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

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    How do I reprint the bank feed application form?

    How do I reprint the bank feed application form?

    You can reprint the application form for a bank feed that you've applied for. If you need to apply for a new bank feed, repeat the steps above for applying for a bank feed.

    1. Start AccountRight.
    2. Go to the Setup menu > Manage Bank Accounts. The Manage Bank Accounts window appears.
    3. Click Add or remove a bank account. An internet browser window opens and the MYOB Sign In page appears.
    4. Sign in with your MYOB account email address and password.
    5. If you have multiple MYOB products or company files, select the applicable product and company file.
    6. Select an account and click Print authority form. The BankLink authority form and cover sheet appear.
    7. Print the form.

    Have you been requested to resubmit a bank feed application? Repeat the steps above to apply for a bank feed.

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    The Currency List <working title>

    Changing a transaction's currency or exchange rate <working title>

    Using the currency calculator <working title>

    How is multi-currency different from AccountRight v19? <new topic for AR 2018.3>

    Enter a bill, quote or order

    Paying bills

    Using the sample company file (Clearwater)

    About bank feeds

    Manage bank feeds

    Approving a bank feed