Multi-currency for importers beta program

Update to AccountRight Premier 2018.4 to turn on multi-currency

If you have a subscription to AccountRight Premier 2018.4 or later and you import goods and services but don’t export them, you can turn on multi-currency.


What's on this page

What you can and can't do in AccountRight 2018.4

Upgrading for AccountRight Classic (v19) users

How AccountRight 2018.4 is different to AccountRight Classic

What's coming in future releases

How to get started with multi-currency

News for exporters

What you can do in 2018.4

Here's what you can do in the latest AcccountRight release:

tick Create foreign purchases, so it suits importers.
tick Use item and service layouts for quotes, purchase orders, and bills​.
tick Print and email foreign purchase orders and remittance advices.
tick Full inventory tracking, including receipting of stock off an order (Receive Items)​.
tick Set default currencies on supplier cards​.
tick Set global exchange rates from the Currency List​.
tick Set custom exchange rates for a specific transaction​.
tick Create and reconcile bank accounts using foreign currencies.
tick Create Spend Money and Receive Money transactions using foreign bank account​s.
tick Pay foreign bills and track the realised gain or loss.
tick Create and reconcile foreign bank accounts (the printed Bank Reconciliation report will be in your local currency).
tick Manually revalue foreign balances.
tick Upgrade from AccountRight Classic (V19) if you’re an importer. Learn how.

What you can't do in 2018.4

There are a few things you can't do with multi-currency, but we'll be delivering more functionality in future releases.

For now, here's what AccountRight can't do:

cross Create foreign sales​, so it doesn’t suit exporters.
cross Use professional or miscellaneous layouts.
cross Create foreign transactions with a tax/GST rate that is higher than 0%
cross Create or use recurring transaction templates for foreign transactions.
cross View foreign currency information in accounts payable, accounts receivable and bank reports.
cross Use live exchange rates.
cross Report on outstanding foreign currency balances.
cross Upgrade AccountRight v19 company files (also known as AccountRight classic) that have certain foreign transactions (see below).
cross Use multi-currency end points from the AccountRight API.
cross You can only create foreign bank accounts (that is, those set up with the Bank account type). Other types of foreign accounts, including credit cards and loan accounts are not supported.
cross Your local currency can be AUD or NZD, but no other currency.

What if I’m an AccountRight Classic (v19) user?

Good news for importers! You can now you can upgrade your company file from AccountRight Classic (v19) to AccountRight 2018.4!

We’re still building multi-currency, so there are some things you won’t be able to do in AccountRight 2018.4 until future releases.

You won’t be able to upgrade yet if your company file has any of these:

cross Foreign sales
cross Foreign purchases that use layouts other than Item and Service
cross GST on foreign transactions​
cross Foreign general journals​

Learn more about upgrading to AccountRight 2018.4.




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How is multi-currency in AccountRight 2018.4 different to AccountRight Classic?

In AccountRight 2018.4 transacting in multiple currencies easier to set up, and less confusing to use.

tick 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.
tick The exchange rate is visible in the purchases window.
tick We've extended exchange rates from 6 to 8 decimals. This will reduce the need for rounding adjustments.
tick Bills now show the local currency equivalent for each foreign amount, as well as the total.
tick You can use multiple currencies for a supplier. This means you don't need multiple cards for the same supplier if they deal in more than one currency.
tick All purchase transactions use your current trade creditor account. You no longer need to set up or use foreign currency trade creditor accounts or foreign currency exchange accounts—keeping your balance sheet simpler and cleaner.
tick In AccountRight Classic you needed to create manual journal entries to clear out rounding differences in exchange accounts. AccountRight 2018.4 correctly handles these rounding differences.
tick Your Deposits with Suppliers account is now correctly cleared to zero after converting an order to a bill, and therefore no manual journals are required to clear it. In v19 a manual journal was required to clear the balance left in your Trade Creditors Exchange account and your Deposits with Suppliers account.
tick A complete list of currencies is available for you, so you don't need to create any. All you need to do is enter the exchange rates for the ones you use (but we're working on automating this to use live exchange rates).

A couple of things to note:

note You can only create foreign bank accounts (that is, those set up with the Bank account type). Foreign credit card accounts are not yet supported.
note Your base currency can only be AUD or NZD.




exchange rate


Edit currency

What's next

register

We're working on

note Allowing exporters to upgrade from AccountRight Classic (v19) to the new AccountRight.
note Restricting API updates to transactions.
note Exporter functionality, including:
  • Item sales orders
  • Item sales quotes
  • Service sales invoices
  • Service sales quotes
  • Applying sales credits
  • Customer terms and discounts
  • Sounds great! How do I get started?

    Once you turn on multi-currency you can’t turn it off. Don’t worry though—if you decide not to use it, you’ll still be able to use AccountRight normally, you’ll just see a few extra columns and buttons.

    If you’re ready to turn on multi-currency head to our help page for instructions on setting it up and using it.

    Get started with multiple currencies.

    exchange rate

     

    What if I’m an exporter?

    If you’re an exporter then multi-currency won’t meet your needs yet, and you should not turn it on.

    We're currently building workflows for exporters, so if you sell to customers in foreign currencies stay tuned—multi-currency functionality for exporters is coming soon.

    In the meantime, you can try out multi-currency in the Clearwater sample file to get a feel for how it works for import-only businesses.

    Just open Clearwater, then turn on multi-currency.

    Criteria