AccountRight Live - Introducing multi-currency

  Date Published: April 2018

AccountRight Live will soon allow you to record transactions in both local and foreign currencies. This page is home to our documentation and announcements as we release multi-currency features over time.

The first foreign currency features you'll see will be added in our upcoming release of AccountRight Live 2018.2; this will allow us to beta test with a small group of clients. To start with, this will be a closed beta for clients, but we plan to grow the beta program over time.

Foreign currencies

A brief introduction

Right now, all transactions and values in your AccountRight Live ledger are in the local currency, and by default, they'll stay that way.

When multi-currency is added to AccountRight Live, you will continue to record transactions (sales, bills etc.) in the local currency of the file however you will also be able to record a foreign currency for each transaction. When you transact in a foreign currency, you'll enter the value of the foreign currency and AccountRight Live will convert that to the local currency.

As an example, here's a screenshot of our early internal prototype. You'll notice that the transaction is for JP ¥1000. AccountRight Live has calculated the local currency value based on currencies stored in the ledger. If you're familiar with AccountRight Classic you'll notice this is a lot simpler than how multi-currency transactions have worked historically.

Picture - multi-currency-yen_1.png

Whats changing now?

AccountRight Live 2018.2

Coming in our next release (AccountRight Live 2018.2) we'll be running a small closed beta of the new foreign currency features. This beta test will deliver a slice of functionality focused on importers and will add foreign currencies to resources like purchases and bank transactions.

Don't worry - as part of our beta program we'll be asking participants if they use an add-on or API connected solution in their business and we'll be working individually with each beta participant.

Future versions of AccountRight Live will expand on this functionality and we'll keep you posted with that over time.

Whats new in the API?

New endpoints and fields!

Naturally, foreign currencies will also be coming to the API too. To begin with, in 2018.2 we'll be adding a handful new endpoints, fields and error codes:

  • A new read only /GeneralLedger/Currency endpoint
  • Purchases and Banking transactions will have a new read-only "ForeignCurrency" field.
  • Foreign currency transactions will be read-only and return a new set of error messages.

This means you will not yet be able to create or update resources with a foreign currency but you will be able to see the currency that the bill is linked to. We'll post more about this soon.

Give us the details!

Release notes are coming soon!

Excited? We sure are! Over the next few weeks, we'll publish more detail about the 2018.2 release and the specific API changes that are coming. Make sure you stay tuned to the blog and this page for these updates.