Bank Reconciliation foreign currency workpaper displaying the incorrect NZD closing balance

This support note applies to:

• Workpapers (NZ)

In the Bank Reconciliation foreign currency workpaper, the value shown for NZD Closing balance as per bank statement is being calculated incorrectly in MYOB Workpapers version 5.4.25.

The NZD Closing balance as per bank statement should be calculated by multiplying the closing balance by the exchange rate as at year end.

The exchange rate entered for the field Exchange rate as at year end - expressed as cents/NZD must be in the form cents per NZD.

For example, where:

NZD 1.00 = AUD 0.90 and AUD1.00 = NZ1.1111. 

The correct rate to enter for the field is 111.11.