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ANSWER ID:13150

AccountEdge Pro and Network Edition only

If you need to transfer funds between your local currency and a foreign currency, we'll step you through how to do it using a Spend Money transaction.

If you need to transfer funds between foreign currencies, see this topic.

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Before you begin

The tasks below assume you have activated AccountEdge's multicurrency feature (Setup > Preferences > System tab >  I Deal in Multiple Currencies).

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titleTo transfer funds FROM your local currency
  1. Go to the Banking command centre and click Spend Money.
  2. Using the Currency Calculator (Help menu > Currency Calculator), calculate the exchange rate for the transaction. See the AccountEdge help for information on the Currency Calculator (Australia | New Zealand).
  3. In the Spend Money window, click the Currency Indicator
  4. Select the Currency associated with the foreign account and update the Transaction Exchange Rate.
  5. Click OK to return to the Spend Money window.
  6. Select the Pay from Account option and choose the account from which the local funds are to be drawn.
  7. Enter the Date and Amount. Ensure the amount is the foreign currency amount.
  8. In the Acct# field, select the account into which the funds are being deposited (your foreign bank account).  
  9. Go to the Edit menu and choose Recap Transaction to establish the amount withdrawn from the local bank account is correct. This is the total of the two Credits or the Credit less the Debit which is assigned to the local bank account. Here's an example:  
  10. Click OK.
  11. Click Record.
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titleTo transfer funds TO your local currency
  1. Go to the Banking command centre and click Spend Money.
  2. Using the Currency Calculator (Help menu > Currency Calculator), calculate the exchange rate for the transaction. See the AccountEdge help for information on the Currency Calculator (Australia | New Zealand).
  3. In the Spend Money window, click the Currency Indicator .
  4. Select the Currency associated with the foreign account and update the Transaction Exchange Rate. 
  5. Select the Pay from Account option and choose the account from which the foreign funds are to be drawn.
  6. Enter the Date and Amount. Ensure the amount is the local currency amount.
  7. In the Acct# field, select the account into which the funds are being deposited (your local currency bank account).
  8. Go to the Edit menu and choose Recap Transaction to establish the amount deposited into the local bank account is correct. This is the total of the two Debits or the Debit less the Credit which is assigned to the local bank account. Here's our example:
  9. Click OK.
  10. Click Record.
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titleRelated topics
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International transactions (Australia)

International transactions (New Zealand)

Transferring funds between foreign currencies

Unrealised currency gain or loss