Scheduling Overseas Bills/Invoices in Australia

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Scheduling Overseas Bills/Invoices in Australia - I find I now have two regular transactions that occur each month using foreign currency.

While I am able to create a scheduled occurrence of these invoices/bills, I find I am unable to actually create a foreign currency amount and am forced to use either a fixed Australian Dollar amount or the estimates of the last three payments, which will be using the Australian Dollar value and not the current exchange rate value.

Is there any way to actually schedule a payment in a foreign currency that uses the Currency amount from the daily updates (One-Touch Updates that update the currency list within Reckon and any Stock Exchange transactional amounts) rather than an older exchange rate value?

Reckon Home & Business 2016

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Megan Tilley

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Posted 3 years ago

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Shakir, Alum

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Hi Megan, thanks for reaching out to us.

Please set up a foreign account for those transactions, this way you will be able to enter/schedule the transactions in foreign amount.

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Diver Dave

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Not sure which way round your transaction is, Megan - ie is it a fixed A$ amount or fixed Foreign Currency amount?

The solution also depends on whether you clean out the transaction each time, but I think this should work :

Create a new account in the foreign currency, then create a scheduled transaction for the frequency you want.  If the off-shore account is the recipient, but you want the cash recorded in the A$ account, then the transaction would have 0.00 value : for example Income £ 1,000, [A$ Transfer Account] -£ 1,000.  

Reckon will then transfer the equivalent of £ 1,000 into the A$ account using the latest exchange rate.  That may not be what you realise, in which case you can manually adjust the A$ amount in the A$ account.

If the transaction is the reverse, ie converting fixed A$ into foreign currency, just schedule the transaction for the A$ account.

Hope that helps, but come back with any questions.
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Megan Tilley

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Thanks for the two responses Shakir & Diver Dave - I think I left out a VERY IMPORTANT piece of information. The transaction is occurring through PayPal.

So, to respond to Shakir - I would use the PayPal account to manage the transaction.

So, to respond to Diver Dave - ditto - use the PayPal account!!!

It is really so simple when someone else says it!!!!

Thank you, again!

I hope 2017 makes me not as thick and to think things through a little more!!!

Happy New Year!