ANSWER ID:13150

AccountRight Premier, AccountRight Enterprise and AccountEdge have the capability of handling multiple bank accounts in different currencies through their multiple-currencies feature. This support note addresses how to transfer funds from an Australian currency bank account to a bank account holding foreign currency.

Note: Our support note Setting up and troubleshooting multiple currencies may also be useful.

How do I transfer funds from an Australian Currency Bank Account to an Account in a Foreign Currency?

1. Go to the Banking command centre and click Spend Money.
   
2. Using the Currency Calculator, calculate the exchange rate for the transaction. See our support note Exchange rates and the Currency Calculator on how to use the Currency Calculator.
3. Click the Currency Indicator, select the Currency associated with the foreign account and update the Transaction Exchange Rate.
   
   
4. Select in the Pay from Account the account from which the Australian funds are to be drawn.
5. Enter the Date and Amount. Ensure the amount is the foreign currency amount.
   
6. In the Allocation Acct#, select the account into which the funds are being deposited (your foreign bank account).
    
7. Go to the Edit menu and choose Recap Transaction to establish the amount withdrawn from the Australian Bank Account is correct.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.
   
   
8. Click OK and Record.

How do I transfer funds from an Foreign Currency Bank Account to an Australian Currency Bank Account?

1. Go to the Banking command centre and click Spend Money.
2. Using the Currency Calculator, calculate the exchange rate for the transaction.  See our support note Exchange rates and the Currency Calculator on how to use the Currency Calculator.
3. Click the Currency Indicator, select the Currency associated with the foreign account and update the Transaction Exchange Rate.
   
   
4. Select in the Pay from Account the account from which the Foreign funds are to be drawn.
5. Enter the Date and Amount. Ensure the amount is the Australian Currency amount.
6. In the Allocation Acct#, select the account into which the funds are being deposited (your Australian bank account).
7. Go to the Edit menu and choose Recap Transaction to establish the amount deposited into the Australian 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
   
8. Click OK and Record.