How to Manage Multi-CurrencyWhich software will support your multi-currency operations?
Are you a current user of MYOB AccountRight? This article is for you.
Create a plan of action
If you are a current user of MYOB AccountRight, you will know that this software is being phased out, and users are being encouraged to migrate to newer versions. Transitioning to a new software means you need to be prepared and have a plan in order to avoid any potential loss of essential functionality. Whether you are required to make this change or are simply a business that has outgrown your current solution, keep reading about how technology will support your business efficiency!
Multi-currency in your business
Today, the business world operates at breakneck speed. Businesses have endless opportunities to grow, evolve, and achieve their potential. Modern technology allows businesses to work with other each other. Despite their location, you can have multiple overseas branches functioning all under one consolidated company view. If you are dealing with multi-currency, whether you are importing or exporting, make sure you have a system in place that will make it easier to deal with this complex business challenge.
MYOB Exo: multi-currency and foreign currencies
Is multi-currency a functionality you require in your business? Consider a solution that will capture and take into account all costs including realized and unrealized gains and losses.
MYOB Exo Finance gives you complete visibility of all foreign transactions, across your entire organisation, MYOB Exo Finance covers debtors, creditors, stock and General Ledger. When dealing with multi-currency, Exo Finance helps you estimate the landed costs of your products by calculating the often-hidden on-costs such as freight, duty and taxes that need to be paid before the goods can be delivered to you. Whether it is, shipping, handling, import fees, duty, local and domestic freight or customs inspections. These are spread over the shipment, calculated on value, volume, weight, or quantity.
This means that at the touch of a button you will know the true landed cost of an item, as well as the true profitability when you come to sell it. Essentially, no hidden or missed costs.
MYOB Exo Finance converts and records landed costs incurred from international suppliers in any currency with automatic conversion to your base currency.
The multi-currency function of MYOB Exo allows users to manage debtors, creditors and balance sheet accounts in any currency, including the default currency. MYOB Exo has a utility to convert these transactions into the default currency for use in the General Ledger. Variances in exchange rates accommodate within the General Ledger to balance the changes in the debtor and creditor control accounts. This is through the use of a Forex gain/loss account in the profit and loss section of the General Ledger.
When using the integrated cash book, realised gains or losses will only be posted to the General Ledger after the invoices and corresponding payments have been allocated.
Customers and suppliers can be set up in any currency and any transaction that takes place is recorded in the customer or suppliers’ currency. Sales reports and all stock movements convert to local currency at the rate that applied to that transaction.
If your company is dealing with multi-currency, you may also have multiple stock locations. It is crucial to have a system in place that can handle these locations for you. This way, you have a single view of your inventory across the business. This will help manage to reduce manual processes and guarantee customer satisfaction. Read more here about how MYOB Exo can help manage your stock, per location, per status, and more.
How do I get MYOB Exo up and running?
Have you outgrown your simple off-the-shelf accounting software such as MYOB AccountRight? It is time to upgrade to software such as MYOB Exo, that can handle your unique business complexities. MYOB Exo differs from MYOB AccountRight on many levels. MYOB Exo provides flexibility and is configurable to your unique business requirements. It has the widest range of modules of any system available on the Australian and New Zealand market. It is Australia and New Zealand’s most popular software for medium-sized businesses. For a more complex system such as MYOB Exo, you will need to find the right implementation partner to implement this system for you. Consider working with MYOB’s number one partner. Here at Kilimanjaro, we have developed a unique implementation methodology that ensures low risk. We will not go live until the system designed meets your standards. The process begins with us developing an understanding of exactly how you are currently running your business. Then, we work with you to explore what can be done differently in the future for a more efficient business. The pace of the implementation is entirely in your hands.
Where to from here?
MYOB Exo is a complete, fully integrated financial and business management system. It is highly configurable to meet your business’ needs today and in the future. Contact us today for a no-obligation consultation to discuss your current requirements and how MYOB Exo can improve efficiency in your business. For more information about MYOB AccountRight changes, visit MYOB’s page here.