Getting MYOB Exo to work correctly in a single currency is challenging but if you are working with multiple currencies this makes the goal of an accurate system much more challenging. There are a few simple principles when followed consistently and on a day-by- day basis can mean Foreign Exchange (FEX) variances as minimal as possible. This doesn’t mean FEX variances will disappear but they can be minimised so your stock and cost of goods sold of your stock is as accurate and as relevant as possible.
FEX can also be impacted by areas in MYOB Exo which you might not see every day or even think as a great influence. We will show you what needs to be maintained from a backend perspective and what each person in their respective roles whether in purchasing or accounts needs to do to minimise the FEX variance.
Factors which we will review in this video include:
- The areas which you need to adjust on every single transaction to minimise the FEX variances;
- How to ensure your stock and cost of goods sold are as accurate as possible every time you enter the transactions in the system;
- How the posting of transactions and the timing of the posting of transactions influences the impact on FEX variances and the General Ledger process; and
- A series of recommendations to share with the purchasing and accounts team to understand the impact of FEX transactions.
Ultimately, whether you purchase or sell an item in your local currency or a foreign currency the process needs to be consistent so MYOB Exo remains accurate. This will ensure there are minimal FEX variances and no unexpected (or unbelievable) changes in stock valuation, cost of goods sold or FEX variances due to incorrect processes.