Entry about exchange currencies

If I want to record an entry about transferring SGD account to HKD account, like transferring 100 SGD to 500 HKD (assuming 1 SGD = 5 HKD).
My entry looks like:
Dr Bank Account - HKD 500
Cr Bank Account - SGD 100
exchange rate: 1 SGD = 5 HKD

But I can’t use the different currencies if I choose HKD before.

Is there any solution? Thanks a lot!

this is not done by making journal entries.
you should be using Inter Account Transfers.
read this guide https://guides.manager.io/9650

1 Like

thankxxxxxxxxxxx so much!!!

Journal entries are always in your base currency. And you have two other mistakes:

  1. You have not selected any accounts. Such a transaction will end up in the Suspense account, waiting to be fixed.

  2. Your transaction’s debit and credit totals do not match. (That is just one reason journal entries must always be in the base currency.