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Our Accountant has pointed out that when we process a foreign currency transaction the exchange value records as a negative amount – why?

Setup is key here. MYOB’s Multi Currency function is very clever if you have the correct exchange rate loaded against the currency.

If you are using USD for example, and the exchange rate is USD$0.77c per NZD$1.00, the rate is calculated as follows:

1 ÷ 0.77 = $1.2987012

I suspect you have loaded the exchange rate as $0.77 in which case MYOB is trying to reduce the NZD value in your accounts instead of increasing it to reflect the NZD equivalent.

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