Transferring funds to/from a foreign bank account

To record a transfer of funds from one bank account to another that is in a different currency, you use the Transfer Funds command.

  1. Choose Command>Transfer Funds

The Funds Transfer window will be displayed

  1. Use the From Account pop-up menu to choose the account from which funds are being taken
  1. Use the To Account pop-up menu to choose the account into which the funds will be deposited

If the currencies of the selected bank accounts are different, the window will extend to allow you to specify the amount received in the destination bank, or the exchange rate.

  1. In the Amount field, specify the amount being transferred out of the From Account
  1. Specify a reference number (if any), the date and a description for the transaction
  1. In the Amount Received field specify the amount received in the currency of the receiving bank account

The Rate will alter to show the effective rate

Alternatively if you know the rate, specify this in the Rate field, and the Amount Received will alter

  1. Click Transfer to record the transfer

A cash payment will be created and posted out of the From Account, into the To Account.

Note: If the amount received is different from that expected (as determined by the system exchange rate for the period), an adjustment is made to the currency gain/loss accounts.