Multicurrency conversion
I am in New Zealand and have a Foreign Currency bank account (Australian) In the ledger the balances appear in NZ Dollars, which is fine. When I input all the transactions, converting to NZ Dollars...
Hi McCarthy1 , the $4844.76 represents an unrealised gain, which you can journal to your MYOB account, resulting in a closing balance of $362,871.16. This is also the AUD balance of $344,727.60 div by .95. I would normally take the AUD and work out what it is worth in NZD then compare to the ledger.
The journal will debit the AUD bank account and credit your currency variance account in the P&L.
