Transferring money between foreign currency bank accounts

Kylie AustinKylie Austin Member Posts: 15 ✭
edited August 2020 in Accounts Hosted
Trying to do foreign currency transfer between NZD and AUD bank accounts.
Since the upgrade to 2020 version this has stopped working.

For ease, lets say I want to transfer AUD1000 from the NZD bank account to the AUD bank Account

Usually I would type in the From: NZD - TO: AUD, enter fex rate 1.07 and then the amount for the receiving bank account. AUD1000.
Reckon then automatically changes the AUD1000 to AUD1070 which it has never done int he past.
the 1070 should be the NZD amount withdrawn and AUD1000 should be a deposit.
In the bank rec it will show both NZD1070 and AUD1070

Can you please fix the bug in the system.

Comments

  • Michelle KittowMichelle Kittow Member Posts: 1 ✭
    edited August 2020
    I have the same problem. Did you get a reply or find out how to fix this?
    Thanks, Michelle
  • Elaine DonnisonElaine Donnison Member Posts: 1 ✭
    edited August 2020
    I also have the same issue - any fixes?  Thanks Elaine
  • LeeLee Member Posts: 66 ✭
    edited August 2020
    I hope I am understanding your situation when I say I didn't think it was a bug. It sounds like the system is doing what it is meant to do.

    The transfer amount should be the foreign currency (NZD) amount. By inserting the exchange rate it enables the 'system' to convert the amount back to a home currency amount. It shouldn't be converting or changing the amount in the transfer transaction itself. That converted home currency amount then appears in all the reporting.

    By doing it this way it should mean that when reconciling each of the bank accounts, NZ and AUD, the amounts should be correct.  

    It would be great if a techy from Reckon would answer these foreign currency questions. I have noticed many of the accredited partners don't have the experience in working with these types of questions, hence no answers from them generally.

  • Kylie AustinKylie Austin Member Posts: 15 ✭

    Hi Lee - As i said - I have been using this system for 13 years and only seems to be an issue since the upgrade.

    Elaine and Michelle - Are you still having issues?

    When I do a NZD to AUD transfer then do a bank reconciliation both say the same amount

    Usually I would type in the From: NZD - TO: AUD, enter fex rate 1.07 and then the amount for the receiving bank account. AUD1000.

    Reckon then automatically changes the AUD1000 to AUD1070 which it has never done in the past.

    the 1070 should be the NZD amount withdrawn and AUD1000 should be a deposit.

    In the bank rec it will show both NZD1070 and AUD1070


    Can someone please fix this bug

  • SouthwoodSouthwood Member Posts: 1 ✭

    Hi Kylie

    Yes Reckon know it is an issue and they sent me a work around. They are hoping to fix the bug next year apparently. The work around that worked for me is attached - hope it helps.

    workaround FX.pdf

    😊

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