MYOB recently released foreign currency to their API so that third party systems like Ostendo can send foreign currency transactions to MYOB AccountRight Live Premier, but there are currently some restrictions you should be aware of until MYOB add additional foreign currency capability to their API.


Foreign Currency Customer and Supplier Invoices

Ostendo can now post customer and supplier invoices in foreign currency to MYOB AccountRight Live. See your Ostendo Partner for the details of setting this up in Ostendo and MYOB AccountRight Live Premier.


Foreign Currency Customer and Suppliers

New customers and suppliers created in Ostendo will post to MYOB AccountRight Live as customer or supplier cards. The MYOB API does not allow Ostendo to send foreign currency codes to customer or supplier cards in MYOB AccountRight Live Premier, so this means that the currency code will need to be manually updated in MYOB AccountRight Live Premier as soon as it is created and before any transactions for that customer or supplier are posted in Ostendo. This will require the discipline of a process to be followed to ensure that foreign currency customers and suppliers in Ostendo and MYOB AccountRight Live Premier align.


Foreign Currency Customer Payments

This is only applicable if you create customer payments in Ostendo. Customers payments can be created in Ostendo and post to MYOB AccountRight Live Premier, but the MYOB API does not allow Ostendo to send payments to MYOB AccountRight Live Premier in foreign currency. Any customer payment in foreign currency posted from Ostendo to MYOB AccountRight Live Premier will be converted to local currency. 


Ostendo is able to receive customer payments from MYOB AccountRight Live Premier in foreign currency, so these customer payments should be entered in MYOB AccountRight Live Premier.


Foreign Currency Customer Deposits

This is only applicable if you create customer deposits in Ostendo. Because the MYOB API does not allow Ostendo to send payments to MYOB AccountRight Live Premier in foreign currency, the customer deposit function in Ostendo cannot be used for foreign currency customers. Any customer deposit in foreign currency posted from Ostendo to MYOB AccountRight Live Premier will be converted to local currency. 


A new methodology and process for customer deposits in foreign currency in Ostendo must be adopted. Please contact us for details.


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