Follow

Funds transfer for foreign currency banks

Problem Details: 

How to do a bank transfer between foreign currency banks? 

 

Solution: 

Currently the multi-currency functionality has some limitations with regards to funds transfers for foreign currencies.  

Firstly though, we need to ensure that the 'Allow creating, editing and deleting foreign currency transactions' switch is turned on in Cash Management / Setup / Configure Cash Management, under the Accounting section: 

configure.jpg

Then we have the following scenarios: 

   1.  Funds transfer from a Base currency bank account to a Foreign currency bank account.  This is possible in Cash Management / Funds Transfer.  Enter the From account (base currency) and the To account (foreign currency) first.  Then enter the Transaction amount in foreign currency.  Intacct will automatically calculate the Base amount according to the exchange rate specified. 

transfer.jpg

 

   2.  Funds transfer from a Foreign currency bank account to a Base currency bank account.  This is not possible from the Cash Management / Funds Transfer screen in the 'normal' way.  The From account MUST be a Base currency bank.  Therefore, enter the Base currency bank account in the From account and the Foreign currency bank account in the To account, and enter the Transaction amount as a negative value. 

negative.jpg

The other option is to do a GL Journal Entry for the transfer. 

 

   3.  Funds transfer from a Foreign currency bank account to another Foreign currency bank account.  This is not possible at all from the Cash Management / Funds Transfer screen, and must be done by a GL journal entry. 

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments

Powered by Zendesk