Transfers between foreign currency accounts

Fiona_8614545
Fiona_8614545 Member Posts: 25 ✭
in Accounts Hosted

Hi .. I just can't work this one out.

Home Currency is set to IDR

Scenario:

1: Invoiced currency is IDR (home currency)

2: Paid in SGD (Foreign Currency)

3: The SGD is converted to AUD and withdrawn from the bank.

I must be missing something - At the moment, the only way I can seem to record all the steps is

1: Recording the payment of the invoice (Receive payment to undeposited funds, then transfer to Reckon SGD account.

2: Perform a transfer in Reckon (SGD, Back to Undeposited Funds)

3: Perform a transfer in Reckon from Undeposited Funds to Reckon AUD account.

The reason for this is that it doesn't seem possible to transfer between two foreign currency accounts.

As I have multi currency turned on, I would have thought I would be able to record multi currency transactions with some efficiency. I must be doing something wrong / missed a basic function somewhere.

Help / workaround appreciated!!

Answers

  • John Graetz
    John Graetz Member Posts: 1,647 ✭✭✭

    Arrr! Fiona. The joys of working with multi-currency accounts, as I found out through trial and error, commencing 12 months ago. This may help you. It is possible to transfer between two foreign currency accounts, when you use the Transfer Funds function (Banking> Transfer Funds). In your particular case, it seems likely that it would be a matter of:

    1. Transfer Funds From (use your SGD account)
    2. For the Exchange Rate use the rate for SGD to AUD
    3. For the Transfer Amount you need to use the AUD equivalent amount (the only option because the recipients account is designated in AUD.
    4. For Transfer Currency you only have the option of selecting AUD

    I have also found that in various circumstances, the only way that I can get something through is to use a General Journal.

    John L G

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