Foreign Trader - To post or reverse bank transfers between different currencies

1. Click Bank accounts and select the bank account you want to transfer from.
2. Click Bank transfer then complete the Bank Transfer window as follows:
   

   From	Enter the bank account you want to transfer from.
   To or Account to	Enter the bank account you want to transfer to.
   Date	Enter the transfer date.
   Reference	Automatically displays TRANS. If required, you can amend this.
   Ex Ref	Enter an extra reference if required.
   Details or Description	Automatically displays Bank Transfer. If required, you can amend this.
   Department	Enter the department.
   Payment Amount	Enter the payment value of the transfer, in the currency you're transferring from.
   Receipt Amount	Enter the receipt value of the transfer, in the currency you're transferring to.
   Exchange Rate	Enter the exchange rate for the transfer. You can enter an exchange rate with up to 6 decimal places. If prompted to update the exchange rate in your currencies list, click Yes or No as required.

3. Click Save then click Close.

1. Click Bank accounts and select the bank account you want to transfer from.
2. Click Bank transfer then complete the Bank Transfer window as follows:
   

   From	Enter the bank account you want to transfer from.
   To or Account to	Enter the bank account you want to transfer to.
   Date	Enter the transfer date.
   Reference	Automatically displays TRANS. If required, you can amend this.
   Details or Description	Automatically displays Bank Transfer. If required, you can amend this.
   Department	Enter the department.
   Payment Amount	Enter the payment value of the transfer, in the currency you're transferring from.
   Receipt Amount	Automatically displays the same figure as the payment value. You can't change this.
   Exchange Rate	Automatically displays as 1.000000. You can't change this.

3. Click Save then click Close.

If you want the revaluation journals to use the same date as the bank transfer, you must first change the software date, click Settings then click Change Program Date.

1. Click Bank accounts and select the bank account you want to transfer from.
2. Click Bank transfer then complete the Bank Transfer window as follows:
   

   From or Account from	Enter the bank account you want to transfer from.
   To or Account to	Enter the bank account you want to transfer to.
   Date	Enter the transfer date.
   Reference	Automatically displays TRANS. If required, you can amend this.
   Ex Ref	Enter an extra reference if required.
   Details or Description	Automatically displays Bank Transfer. If required, you can amend this.
   Department	Enter the department.
   Payment Amount	Enter the payment value of the transfer, in the currency you're transferring from.
   Receipt Amount	Enter the receipt value of the transfer, in the currency you're transferring to.
   Exchange Rate	This automatically calculates. It divides the receipt value by the payment value to calculate the exchange rate. The exchange rate is the foreign to foreign rate. If you amend the exchange rate, this changes the payment value.

3. Click Save then click Close.

1. Click Nominal codes, then click Journal reversal then click OK.
2. In the Posting Information section, enter the date of the bank transfer then click OK.
   If you receive the message 'Please one or more foreign bank revaluation journals have been excluded from the reversal list', please refer to the section To manually reverse a foreign currency bank transfer.
3. Select the bank transfer journals you want to reverse then click Reverse.
   To reverse the journals the balance must be 0.00.
4. Click Save.

1. Click Bank accounts and select the bank account you want to transfer from.
2. Click Bank transfer then complete the Bank Transfer window as follows:
   

   From	Enter the bank account you want to transfer money from.
   To or Account to	Enter the bank account you want to transfer money to.
   Date	Enter the date of the transfer.
   Reference	Automatically displays TRANS. If required, you can amend this.
   Details or Description	Automatically displays Bank Transfer. If required, you can amend this.
   Department	Enter the department.
   Payment Amount	Enter the payment value of the transfer, in the currency you're transferring from.
   Receipt Amount	Enter the receipt value of the transfer, in the currency you're transferring to.
   Exchange Rate	Enter the exchange rate for the transfer. You can enter an exchange rate with up to 6 decimal places. If prompted to update the exchange rate in your currencies list, click Yes or No as required. The comment on the Bank Transfer window indicates how the rate is used. For example, if you enter an exchange rate of 1.3 and you're transferring from Euros to US Dollars, the comment shows One euro is worth 1.3 US Dollars.

3. Click Save then click Close.

The below example is based on a company with a Sterling base currency.

1. Click Transactions and locate the bank transfer journals and revaluation journals and write down the transaction values.
   For example a bank transfer from a Euro bank account (1200) for €1000.00 to a Dollar bank account (1210) for $1500.00 produces the following transactions:

   Type	Nominal	Details	Date	Ref	Net	Tax	T/C
   JC	1200	Bank Transfer	15/04/14	TRANS	937.50	0.00	T9
   JD	1210	Bank Transfer	15/04/14	TRANS	937.50	0.00	T9
   JC	7906	Foreign Bank Transfer Revaluation Journal from (number)	17/04/14	REVAL	168.27	0.00	T9
   JD	1200	Foreign Bank Transfer Revaluation Journal from (number)	17/04/14	REVAL	168.27	0.00	T9

   The revaluations always post using the program date.
   
   
2. Calculate the value of the transaction in sterling by deducting the revaluation value from the bank transfer value. For example, using the values above 937.50 - 168.27 = 769.23 therefore this is the original sterling value.
3. Calculate the exchange rate required for each currency.

• For the bank account which hasn't had a revaluation posted, click Transactions then click Edit, to find the exchange rate

For example, using the transactions above the bank transfer transaction for nominal code 1210 hasn't had a revaluation posted. In corrections the exchange rate shows 1.600000, this is the Dollar exchange rate

• For the bank account which has had the revaluation posted, divide the foreign gross value by the value you calculated in step 2

For example, using the transactions above, the foreign gross value is 1000.00 and the value in step 2 is 769.23, therefore the exchange rate is 1.300001, this is the Euro exchange rate

4. Click Transactions then click Edit, to find the Foreign gross value
5. Enter the exchange rates in the currency list. Click Settings then click Currencies and select the required currencies. Note down the existing exchange rate then enter the exchange rates calculated in step 3, then click Close. For example, using the values from step 3 the Dollar exchange rate would be 1.600000 and the Euro exchange rate would be 1.300001.
6. Change the program date to the date of the original revaluation. Click Settings then click Change Program Date, then click Yes to close any open windows. Enter the date of the revaluations then click OK. For example, using the above transactions the date would be 17/04/14.
7. Post the opposite bank transfer. Click Bank accounts then click Bank transfer and enter the relevant details.

   From or Account from	This is the bank account the original bank transfer was posted to.
   To or Account to	This is the bank account the original bank transfer was posted from.
   Payment Amount	This is the foreign gross value and should match the original bank transfer value for the bank account the original bank transfer was posted to.
   Receipt Amount	This is the foreign gross value and should match the original bank transfer value for the bank account the original bank transfer was posted from.
   Date	This is the bank transfer date and should match the original bank transfer date.

   For example, using the transactions above:
   
   

   From or Account from	1210 Dollar Account
   To or Account to	1200 Euro Account
   Payment Amount USD $	1500.00
   Receipt Amount EUR €	1000.00
   Date	15/04/14

8. Click Save then click Close.
9. Change the program date to the current date.

• Click Settings then click Change Program Date
• Click Yes to close any open windows, enter the current date then click OK

10. Change the exchange rates back to the original rates.

• Click Settings then click Currencies
• Select the relevant currencies then enter the exchange rates which were entered before you changed them, then click Close