Transferring Multi-currency Funds

From time to time, you may want to transfer funds from a local bank account to a foreign bank account, or from the foreign account to your local account. The quickest way to do this is to make a deposit into the account that will be receiving the funds.

When transferring funds between local and foreign accounts, you must use the foreign currency value of the money, rather than its value in local currency. This may require you to convert the amount from local to the foreign currency.

To Transfer Funds - Local to Foreign

1. Open the Fund Transfer screen under Accounting.
2. Choose the currency associated with the foreign account from the drop-down available in the top-right corner of the form.
3. The selected currency's corresponding exchange rate to the base currency will be displayed on the bottom of the screen.
4. From the list of Transfer From drop-down, choose the account from which the funds will be drawn (your local currency funds account).
5. From the list of Transfer To drop-down, choose the account from which the funds should be deposited (your foreign currency funds account).
6. Enter the transaction date and the amount being transferred. The amount must be in the foreign currency, not in local currency.
7. Record the transaction.

To Transfer Funds - Foreign to Local

1. Open the Fund Transfer screen under Accounting.
2. Choose the currency associated with the local account from the drop-down available in the top-right corner of the form.
3. The selected currency's corresponding exchange rate to the base currency will be displayed on the bottom of the screen.
4. From the list of Transfer From drop-down, choose the account from which the funds will be drawn (your foreign currency funds account).
5. From the list of Transfer To drop-down, choose the account from which the funds should be deposited (your local currency funds account)
6. Enter the transaction date and the amount being transferred. The amount must be in the foreign currency, not in local currency.
7. Record the transaction.

To Transfer Funds - Foreign to Foreign

It is not possible to transfer funds directly from one foreign bank account to another foreign bank account. To be able to transfer funds from one foreign account to another foreign you need to first transfer the money to your local account and then to the foreign account of choice.

DISCLAIMER

This can require working through some math as you are going to see the currency exchange rate effect both the transfer to your local currency as well as the transfer from the local currency to the foreign currency. You may need to adjust the exchange rates as necessary.

1. Open the Fund Transfer screen under Accounting.
2. Choose the currency associated with the foreign account from the drop-down available in the top-right corner of the form.
3. The selected currency's corresponding exchange rate will be displayed on the bottom of the screen.
4. From the list of Transfer From drop-down, choose the account from which the funds will be drawn (your foreign currency funds account).
5. From the list of Transfer To drop-down, choose the account from which the funds should be deposited (your local currency funds account)
6. Enter the transaction date and the amount being transferred. The amount must be in the local currency, not in foreign currency.
7. Record this transaction
8. Open the Fund Transfer screen under Accounting.
9. Choose the currency associated with the local account from the drop-down available in the top-right corner of the form.
10. The selected currency's corresponding exchange rate will be displayed on the bottom of the screen.
11. From the list of Transfer From drop-down, choose the account from which the funds will be drawn (your local currency funds account).
12. From the list of Transfer To drop-down, choose the account from which the funds should be deposited (your foreign currency funds account).
13. Enter the transaction date and the amount being transferred. The amount must be in the foreign currency, not in local currency.
14. Record the transaction.