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How is multi-currency different from AccountRight v19?

If you’ve used multi-currency in AccountRight Classic (v19 and earlier), you’ll notice some changes with the way it works in the new AccountRight.

And by ‘changes’ we mean ‘exciting improvements’.

More specifically, here's what's different:

  • Exchange rates are now in the same format as those published in the media. The exchange rate represents the foreign currency value for 1 dollar of local currency, eg. 1 AUD = 0.75 USD. This is opposite to the way exchange rates displayed in AccountRight v19.

  • You can use multiple currencies for a card. This means you don't need multiple cards for the same supplier/customer if they deal in more than one currency.

  • A complete list of currencies is available for you, so you don't need to create any.

  • All transactions use your current trade creditors/debtors account. You no longer need to set up or use foreign currency trade accounts or foreign currency exchange accounts (what a relief!).

  • Your local currency can only be AUD or NZD.

  • Deposits are now correctly cleared to zero when a transaction is closed.

  • You can use live exchange rates so you don't have to manually update them each time you enter a transaction.

Learn more about working with multiple currencies.

Upgrading from AccountRight v19

Some classic AccountRight company files which used multi-currency can now be upgraded to the new AccountRight. For all the details, see Upgrade a Premier multi-currency company file.