Fields in the Currency Information window

Fields in this window

Currency Information window - Payable Accounts view

Liability Account for Tracking Payables in this Currency

Enter a liability account that will be used to track the money you owe people for purchases made in this currency. This required account typically is an account named Accounts Payable or something similar. In MYOB AccountEdge documentation, this account is referred to as your linked payables account for the selected currency.

Checking Account for Paying Bills in this Currency

Enter an account that will be used to track the money youíve paid to people for purchases made in this currency, and into which you deposit refund checks from vendors that are in this currency. This required account is usually named ìChecking Accountî or something similar. In MYOB AccountEdge documentation, this account is referred to as your payables checking account for the selected currency.

I Pay Freight on Purchases in this Currency

Mark this option if vendors who use the selected currency ship physical items to your company and charge you a separate amount for shipping.

Expense or Cost of Sales Account for Freight

Enter the account that will be used to track the money you spend for the transport of items you purchase. (The type of account you select in this field depends upon what purpose you consider freight charges serve in your business. If you think freight charges increase the cost of making a sale, enter a cost of sales account here. If you think freight charges are necessary expenses, enter an expense account here.) In MYOB AccountEdge documentation, this account is referred to as your freight paid for the selected currency.

This field appears only if you marked the I Pay Freight on Purchases in this Currency option.

I Track Deposits Paid to Vendors in this Currency

Mark this option if you make deposits in the selected currency when you place pending purchase orders with your vendors who use this currency.

Asset Account for Deposits

Enter the account that will be used to track deposits you make in this currency on pending purchase orders. In MYOB AccountEdge documentation, this account is referred to as your linked vendor deposits account for the selected currency.

This field appears only if you marked the I Track Deposits Paid to Vendors in this Currency option.

I Take Discounts for Early Payments in this Currency

Mark this option if your vendors allow you to take discounts for early payments on purchases made in the selected currency.

Expense or (Contra) Account for Discounts

Enter the account that will be used to track discount amounts that youíve received from vendors for paying your bills early. (The type of account you select in this field depends upon the purpose you consider discounts serve in your business. If you think discounts decrease the cost of making a sale, enter a cost of sales account here. If you think discounts decrease your expenses, enter an expense account here.) In MYOB AccountEdge documentation, this account is referred to as your linked vendor discounts account for the selected currency.

I Pay Charges for Late Payments in this Currency

Mark this option if you must pay a fee when payments in the selected currency are made later than your vendor's credit terms allow.

Expense Account for Late Charges

Enter the account that will be used to track finance charge amounts paid to vendors who havenít received your bill payments on time. In MYOB AccountEdge documentation, this account is referred to as your linked vendor late charges account for the selected currency.

New button

Click this button to open a new Currency Information window and set up new currency records

OK button

Click this button to accept the entries youíve made in this window.

Fields in the Currency Information window - Payable Accounts view

*Liability Account for Tracking Payables in this Currency*	Enter a liability account that will be used to track the money you owe people for purchases made in this currency. This required account typically is an account named Accounts Payable or something similar. In MYOB AccountEdge documentation, this account is referred to as your linked payables account for the selected currency.
*Checking Account for Paying Bills in this Currency*	Enter an account that will be used to track the money youíve paid to people for purchases made in this currency, and into which you deposit refund checks from vendors that are in this currency. This required account is usually named ìChecking Accountî or something similar. In MYOB AccountEdge documentation, this account is referred to as your payables checking account for the selected currency.
*I Pay Freight on Purchases in this Currency*	Mark this option if vendors who use the selected currency ship physical items to your company and charge you a separate amount for shipping.
*Expense or Cost of Sales Account for Freight*	Enter the account that will be used to track the money you spend for the transport of items you purchase. (The type of account you select in this field depends upon what purpose you consider freight charges serve in your business. If you think freight charges increase the cost of making a sale, enter a cost of sales account here. If you think freight charges are necessary expenses, enter an expense account here.) In MYOB AccountEdge documentation, this account is referred to as your freight paid for the selected currency. This field appears only if you marked the I Pay Freight on Purchases in this Currency option.
*I Track Deposits Paid to Vendors in this Currency*	Mark this option if you make deposits in the selected currency when you place pending purchase orders with your vendors who use this currency.
*Asset Account for Deposits*	Enter the account that will be used to track deposits you make in this currency on pending purchase orders. In MYOB AccountEdge documentation, this account is referred to as your linked vendor deposits account for the selected currency. This field appears only if you marked the I Track Deposits Paid to Vendors in this Currency option.
*I Take Discounts for Early Payments in this Currency*	Mark this option if your vendors allow you to take discounts for early payments on purchases made in the selected currency.
*Expense or (Contra) Account for Discounts*	Enter the account that will be used to track discount amounts that youíve received from vendors for paying your bills early. (The type of account you select in this field depends upon the purpose you consider discounts serve in your business. If you think discounts decrease the cost of making a sale, enter a cost of sales account here. If you think discounts decrease your expenses, enter an expense account here.) In MYOB AccountEdge documentation, this account is referred to as your linked vendor discounts account for the selected currency.
*I Pay Charges for Late Payments in this Currency*	Mark this option if you must pay a fee when payments in the selected currency are made later than your vendor's credit terms allow.
*Expense Account for Late Charges*	Enter the account that will be used to track finance charge amounts paid to vendors who havenít received your bill payments on time. In MYOB AccountEdge documentation, this account is referred to as your linked vendor late charges account for the selected currency.
*New button*	Click this button to open a new Currency Information window and set up new currency records
*OK button*	Click this button to accept the entries youíve made in this window.