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 do in 2018.4
Here's what you can do in the latest AcccountRight release:
|
Create foreign purchases, so it suits importers.
|
|
|
Use item and service layouts for quotes, purchase orders, and bills.
|
|
|
Print and email foreign 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.
|
|
|
Create and reconcile foreign bank accounts (the printed Bank Reconciliation report will be in your local currency).
|
|
|
Manually revalue foreign balances.
|
|
|
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:
|
Create foreign sales, so it doesn’t suit exporters.
|
|
|
Use professional or miscellaneous layouts.
|
|
|
Create foreign transactions with a tax/GST rate that is higher than 0%
|
|
|
Create or use recurring transaction templates for foreign transactions.
|
|
|
View foreign currency information in accounts payable, accounts receivable and bank reports.
|
|
|
Use live exchange rates.
|
|
|
Report on outstanding foreign currency balances.
|
|
|
Upgrade AccountRight v19 company files (also known as AccountRight classic) that have certain foreign transactions (see below).
|
|
|
Use multi-currency end points from the AccountRight API.
|
|
|
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.
|
|
|
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:
|
|
Foreign sales
|
|
|
Foreign purchases that use layouts other than Item and Service
|
|
|
GST on foreign transactions
|
|
|
Foreign general journals
|
|
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.
|
|
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.
|
|
|
The exchange rate is visible in the purchases window.
|
|
|
We've extended exchange rates from 6 to 8 decimals. This will reduce the need for rounding adjustments.
|
|
|
Bills now show the local currency equivalent for each foreign amount, as well as the total.
|
|
|
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.
|
|
|
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.
|
|
|
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.
|
|
|
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.
|
|
|
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:
|
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.
|
|
|
Your base currency can only be AUD or NZD.
|
|
|
What's next
|
|
We're working on
|
|
Allowing exporters to upgrade from AccountRight Classic (v19) to the new AccountRight.
|
|
|
Restricting API updates to transactions.
|
|
|
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.
|
|