MYOB Premier multi currency feature lets you conduct business transactions in foreign currencies.
For example, you can sell to an overseas customer and invoice them in US$ or any number of currencies that you define.
In the same way, you can purchase from an overseas supplier and record the purchase invoice amount in the supplier’s currency.
To make use of the multi currency feature, you first have to turn it on in MYOB. To do this, click on Setup, then Preferences.
In the System tab, tick inside the box for “I Deal in Multiple Currencies [System-wide]”
A warning message appears. This is just to inform you that the Multi Currency feature cannot be turned off after you turn it on. Click OK.
Next, you will need to define or edit the currencies you will be using for transactions.
You can access a list of currencies that are already defined, by clicking on Lists, then Currencies.
If you do not see the Currencies option, it means you have not yet turned on the Multi Currency feature.
The Currencies list in MYOB will include a number of default currencies that is created for you. depending on the version you are using, a default currency will be set for you.
To edit an existing currency, click on the drill down arrow next to the Currency Name.
For each currency, you will need to define the following:
For each currency, MYOB keeps track of the Receivables and Payables in seperate accounts so that the amount owing can be shown in the foreign currency.
To balance the amount in foreign currency to local currency, MYOB uses an Exchange account.