Assign the appropriate currency to foreign customers, suppliers and salespeople

Multicurrency Overview > Setting up Multicurrency > Assign the appropriate currency

Once your currencies are set up, you must begin assigning them to new customers and suppliers who will use them. The selection you make is important, since it determines the currency in which all future transactions for each customer or supplier will be conducted.

You can assign a currency other than your home currency to an employee if you like -- but only if you don't plan to write paycheques for the employee using MYOB Accounting Plus. If you plan to write paycheques for the employee using Accounting Plus, you must select your home currency for the individual.

Selecting a foreign currency may be useful if the employee is a salesperson who makes all of his or her sales in another currency -- French francs, for example -- and you don't plan to use Accounting Plus to pay the employee. When you print reports that show individual salespeople's sales amounts, the amount will be displayed in whatever currency has been assigned to the salespeople.

Only one currency can be assigned to each customer, supplier and salesperson in Accounting Plus. If you do business with a customer or supplier in more than one currency, you'll have to create an additional customer card or supplier card for each additional currency in which you do business.

Customers, suppliers and salespeople for whom you've already recorded transactions are automatically assigned the currency in which they conduct business with you. This selection can't be changed. If you wish to begin using a different currency for these individuals, you'll need to create a new customer, supplier or employee card for them. This is necessary to ensure that historical amounts for these individuals aren't misstated.

Click below for the step-by-step procedure:

Creating cards

Assign the accounts you've created to foreign currencies