Transfer between USD and EUR accounts

Problem reported by Elena Yudina 8 years ago

Hi,

I need to record the following transaction - Dr Bank USD Cr Bank EUR

Journal entry does not support such entries. I also tried to split it to 2 entries - Dr Forex exp Cr Bank EUR That worked, but

Dr Bank USd Cr Forex exp did not worked

Please advise.

7 Replies

Money > Manage Money > Transfer tab

Hello Elena,

As it is a multi-currency transfer, you'll need to create a Money In transaction for the USD account and a Money Out transaction for the EUR account and explain them both to the forex movement account.

Kind regards,

Michael

Hi Michael

Would my above mentioned method work? It seemed to in the demo when I gave it a quick try.

Hello Kevin,

That does work if you are transferring from the home currency to a foreign currency bank account.

If you're transferring between two currencies that are not the home currency, then they will need to use the separate transactions method.

Michael

What will it have achieved when I did it my way just so I know for future reference?

(Sorry to take over the thread Elena!)

Apologies Kevin and Elena, I was wrong.

Transferring between two foreign currency accounts on the system use to come up with an error message. This is not the case any more as this feature is now been implemented.

So your original comment Kevin was correct. The way to do it is to carry out a transfer between two foreign currency accounts is to enter in the value of the 'transfer to' amount in the Money > Manage Money area and then the other currencies value in the 'reporting currency amount' box on the following page.

Cheers Michael, that's good to know.

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