US Exchange rates

[maid]

Hi,

I have a supplier who operates in US $

I have to keep a balance in the account to draw on.

I have set this up as a bank and I transfer AU $ from Paypal to this US bank account.

At the end of the month I enter the costs of the product and then I convert the US balance at the days trading and try and balance.

Then I usually enter a profit/loss transaction.

Is there a better way to do this?

please help it seems this month we made a profit and it seems to me it should have been a loss.

Cheers

[admin]

Are you using multicurrency?

[Shane.Holbeck]

Be extremly careful when switching on multicurrency in myob as myob generates incorrect entries in accounts payable that will leave you ripping your hair out, particularily if use differnt exchange rate to record the sale and the payment. In this situation myob has been known to leave an amount outstanding in accounts payable, even after the transaction is complete.

Shane Holbeck - Accountix