Setup multiple currency in MoneyWorks accounting software

Software: MoneyWorks accounting software

Before you turn on the multiple currency feature in MoneyWorks, you should BACKUP the company file. You cannot change or remove the multiple currency once it has turned on.

To turn on the multiple currency feature, go to the Edit menu | Document Preferences | Locale/Currency tab

Assume your base currency is Singapore Dollar.

First, you check the checkbox for “Use custom base currency format (instead of system format)” and enter ‘S$” in the Symbol field. This will prevent MoneyWorks from using the system currency format (some computer system may set “£” or other currency symbol as a default currency symbol). Next, check the checkbox for “Use multiple currencies in this document”, and select your base currency (in this case, we use SGD – Singapore Dollars).

Setup multiple currency

You need to add “Exchange Gain/Loss” account and “Exchange Gain/Loss – Unrealised” account in the Chart of accounts list. These two accounts will be tagged with the currency, which you are going to create later. For example, when you add a new USD currency (From the Show menu | Currencies) you need to add the “Exchange Gain/Loss – Unrealised” account, which you have created, into the “Unrealised Loss/Gain Account” field, and add the “Exchange Gain/Loss” account into the “Currency Loss/Gain Account” field.

Besides, you need to have a Suspend USD Bank to facilitate payment/receipts against invoices (even if you do not have a real one). For example, when you bank in the payment received from a USD currency’s customer to a SGD bank account, MoneyWorks will first post the payment received into the Suspend USD Bank account and then transfer the amount to the actual SGD bank account.

You also need to check the checkboxes for “I send invoices in this currency” and “I receive invoices in this currency”; and enter the account code into the “Accounts Receivable” and “Accounts Payable” control account field.

Currency

*Please refer to MoneyWorks v7 User Guide page G-267, Multi-Currency.

 

 

Comments are closed.