Buying foreign currency to pay merchant

I am relatively new to Manager, and have a question. My currency is ZAR, but I have some suppliers in USD. Now paying them is not a problem. I have a forex bank account where I can deposit ZAR and the bank will convert it to USD. I do not have a problem with currency gains/losses.
My question is, how do I do the accounting for this?
For example: I want to buy an fixed asset. The asset cost USD 1000. The exchange rate is 10:1. So I transfer ZAR 10 000 from my one account to the forex account. My bank converts the funds, and I get USD 1000. I then pay the supplier the USD 1000 from my forex bank account.

Any help is appreciated.

Currency designations in Manager apply to bank accounts, customers, suppliers, and employees. Each is limited to one and only one currency. If your bank is taking a ZAR deposit and converting it to USD, it is most likely denominated in USD. Bank balances (in Manager or the real world), cannot be maintained in two currencies. Every transaction occurs in only one currency, although Manager will accept equivalent foreign currencies and thereby force an effective exchange rate to be determined.

Some banks will transact in multiple currencies, but they are making the conversions for you from a base currency (and generally charging a fee for doing so). Therefore, to know how to account for these transactions in Manager, we would need to know more details of exactly what is happening, characteristics of the bank account, etc.

Hi Tut

Ok, let me try and explain how I do it. I have forex app on my phone. This app is from the same bank I bank with. I transfer money from my (ZAR) business account, into this forex app. These funds stay in ZAR. I can then decide “buy” any of the major currencies I choose. This transaction has no fees or commissions.
After buying, say USD, the foreign amount then gets loaded onto a virtual card. I can then use this virtual card to purchase goods from suppliers in the currency I choose.

So, the invoice from the supplier will be in USD , as the transaction was in USD. It is not a problem doing the conversion, seeing that I know the exchange rate. I just need to know should I create another bank account in USD and then transfer the funds between accounts and then pay the supplier from that USD account.

I hope I am making sense. Here is a link to the app I was referring to. https://getshyft.co.za/?scrollToId=how-it-works

Thank you for the help so far

You should set up the virtual card as a USD bank account. Use inter account transfers to load it.

Thank you very much. I just realized it. Tried it and it is working. Thank you