Multiple Base Currencies: General Information
To be able to set up companies with different base currencies in one tenant of MYOB Advanced, you need to configure the multiple base currency functionality. This chapter describes how to prepare for the configuration and how to configure the functionality to meet your business needs.
Learning Objectives
In this chapter, you will learn how to do the following:
- Enable the required system features
- Create a company with a base currency that is different from the base currency of the companies that exist in the tenant
Applicable Scenarios
You configure multiple base currencies if you need to have multiple related companies that have different base currencies but share preferences, list of items, and joint projects involving employees of multiple companies.
Scope of the Multiple Base Currency Functionality in MYOB Advanced
Multiple base currencies are supported for a limited set of financial areas—general ledger, accounts payable, accounts receivable, cash management, currency management, sales orders, purchase orders, inventory, expense receipts and claims, deferred revenue, fixed assets, and taxes. For the Multiple Base Currencies feature to be enabled, the following features need to be enabled on the Enable/Disable Features (CS100000) form:
- Multicompany Support
- Multicurrency Accounting
- Customer and Vendor Visibility Restriction
- Purchase Requisitions
- Projects if the Multicurrency Projects feature is disabled
- Customer Portal
- Service Management
- Payroll
- Retail Commerce
- Procore Integration
If the Multiple Base Currencies feature is enabled and you select a check box corresponding to one of the listed features, the system displays an error message.
If one or all of the listed features are enabled and you select the check box corresponding to the Multiple Base Currencies feature, the system displays an error message that the feature cannot be enabled.
Workflow of the Implementation of Multiple Base Currencies
To implement the support of multiple base currencies in MYOB Advanced, you perform the following general steps:
- On the Enable/Disable Features (CS100000) form, you verify that the unsupported features are not in use and enable the needed features: Multicompany Support, Multicurrency Accounting, and Customer and Vendor Visibility Restriction.
- On the Companies (CS101500) form, you create a company and select a base currency for it. This process is illustrated in Multiple Base Currencies: Implementation Activity.
- Optional: On the Company Groups (CS102500) form, you create a company group for companies with the same base currency. This process is illustrated in Company Groups: Implementation Activity.
- On the Customers (AR303000) form, you limit the visibility of the needed customers to the companies or company groups that work with the customers. This process is illustrated in Customer Visibility: To Restrict Visibility to a Company.
- On the Vendors (AP303000) form, you limit the visibility of the needed vendors to the companies or company groups that work with the vendors. This process is illustrated in Vendor Visibility: To Restrict Visibility to a Branch.