MultiCurrency GL Report


MYOB Implement multi-currency in General Ledger by utilising 4 specific accounts for each currency.

These are 

  1. A GL Account for the Bank Account for the Currency
  2. A GL Account for Currency Exchange Account
  3. A GL Account for the Customers using a particular Currency
  4. A GL Account for the Customers Currency Exchange

Setup of these accounts looks like this

An example invoice entry in the foreign currency looks like this.

and the associated journal entry appear like this

The Local currency in our example is AUD. We call this Local Equivalent or LEQ. In this example the he exchange rate of HKD 500 equals AUD 64.65 and so because MYOB GL only carries one value and that is the local value it posts to the Sales Account a 500.00 CR and a 435.45 DR so that the difference is AUD value of the Sale ie. AUD 64.65.

So if we report on the HK currency accounts in GL we see this

With one transaction that's easy enough to see the activity so our new GL Fx Transaction report, below would not seem particularly useful.

However if you add more transactions, some GST(VAT) and payments then having a simple report that shows the LEQ and the value in Foreign Currency in simpler format becomes quite useful.

This is the additional transaction

With the inclusion of the above transaction the postings to the accounts

The GL Fx Transaction report in BI is somewhat easier to read than adding the two GL accounts

And BI also provides detail Journal Line view

This new report is available for you to try and is in beta test mode. The report is called GL Fx Transactions.

You can also access this through a Favourite "Transactions GL Foreign and Local Currency" under the Accounts menu category.


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