go inter Account Transfer - New inter Account Transfer
description: change USD to any Turkish Lira currency
Paid from - cash on hand amount : 10000$
received in : Garanti Bank Turkish lira - amount = 1 Turkish lira
the problem here that the system accept any amount you inter in Turkish Lira - which we put 1 TL
whereas 10000$ * 27 = 270000 Turkish lira
NOT 1 Turkish lira
when you go to summary you will see that your cash on hand $ = 0
and Turkish lira account is = 1
everything is seems good and perfect in the system…
this is wrong of course ***************
why the system allowed me to inter what ever I want, whereas we have main and daily currency exchange rate ( 1$ = 27 Turkish lira ) which it means 10000$ = 270000 Turkish lira NOT 1 Turkish lira
the system should no allowed me to do this , if it’s allowed to be for the full access user only.
I don’t use foreign currencies, but I really don’t like using inter account transfers as all those transactions already appear on the bank statement when those are imported. I prefer to have a clearing account where those inter account transfers all balance and cancel each other.
However, I don’t know exactly how that would work with multiple currencies, but I imagine it would work better than inter account transfers and you would just need to make small adjustments for the foreign exchange gains/losses.
Hopefully someone with more experience can suggest what they do.
I am confused about what you present. Currently if you do inter-currency account transfers you do it for example from a US$ account to a Turkish Lira account, you specify the amount in dollars taken from the US$ account such as $10,000 and the amount in Turkish Lira 270,000 as in test business example below using Manager version,
You seem to argue that the exchange rate should be taken from the system but that would be wrong. With inter-account transfers you should put exact amounts of what was transferred from one account and what was received in the other irrespective of the exchange rate settings the actual amounts determine the rate that was applied by the actual numbers.
as a Boss or business owner you can do what ever you want, but if you don’t inter these transections
and somebody else do that - he has 10000$ in hand - when he change to Turkish lira, he can put in bank 20 lira instead of 270000TL - the system here passing without control.
The inter-account transaction uses the amounts the user enters.
It does not use the exchange rates you enter - in any case these are probably not the exchange rate the bank uses when it records the transactions. Two transactions on the same today could very well use two different exchange rates
As for an incompetent, negligent or dishonest employee entering the incorrect values, that is something your business processes and procedures must guard against. You should have all transactions checked regularly for errors and omissions.
Employees that do not follow the rules should be warned and if they continue, then dismissed
You got a point.
Which is the manipulation by users.
If for example you have 1 USD = 27 Lyra. Then you want it to be an automatic transaction.
But upon using bank accounts, each bank has different rate daily.
And the inter account transfers now are set to meet that.
You cannot eliminate fraud committed by users.
But you can have audit activities.
Like matching the recorded amounts on Manager with the actual paper, assuming you have such sort of payment voucher and collection voucher. This would reduce the possibility of Fraud, I think.
You would have this! An internal account transfer is as the name says “internal”. It is about re-allocating funds from one account owned by the business to another account owned by the business. You therefore will either know exact amounts of what you transferred from one account and how much in the other currency was received in the other account. This is when you could use inter-account transfers manually (use the built in function as it currently is) or easier use as further explained in Post inter account transfers from imported bank statements | Manager which I think you have not yet even explored given your replies.
Bottomline is inter-account transfers are internal to the business so all essential information about what has been transferred is known to that business.
The point you raised about preventing any unauthorized user, such as a cash accountant, should be restricted to exchange rates controlled by the account manager in the system on a daily basis. This would help reduce the likelihood of errors or fraud, and I believe it’s a good idea. In addition, taking into consideration the other point that was also mentioned, which is the manual auditing of such transactions, would further enhance the security measures.
It is good to add this option to the SYS, especially since most countries face very different exchange rates on a daily basis compared to the previous or following day.
Exactly, there must be an automatic exchange rate which the manager updates it daily. in this case no way the user can put any exchange rate or any number as he wants.
@BOSS4 you need to realize that Manager does not have any automation. There are many discussions on this where it is explained why not and this includes that it may be possible for the Server and Cloud editions (run cronjobs, etc) but not on Desktop. Also, for many countries even if they advertise an exchange rate, they may have various and when not stable the rates change every hour. So will you then need to be online and sync permanently.
The solution for interaccount transfers has been provided to you, Using bank statements will properly reflect the exchange rates.
if you have cash on hand & you will change it to Turkish lira from the market not from the bank?
the system will see in the bank statement only the amount which the user put in the bank.
let’s back to beginning 10000$ = 270000 TL but the user put 1 tl in the bank
it’s not difficult to make the system work as we are talking, after that its up to users, who will use the system as updates or who will use the bank statement.
Especially in case of cash in hand and change on the market then it hardly will be an official exchange rate, most likely a black/parallel market rate. Whoever changed the money will know how much dollar they changed and how much TL they got. So in your case the system as it currently works is preferred because it would post the exchange rate applied when creating an internal journal transfer.
As mentioned the system as it currently works is preferred. I must agree with @Joe that this is more of a business management and staff trust issue when you find staff not completing information correctly.
This is a system based on being in control of auditing, not just introducing restrictions.
The addition that I am talking about, will make the system more secure.
for exchange rate the manager user can update daily, even hourly, also he will be able to edit the change rate in the same transection, but for normal user will come automatically as we show in the drawing picture below.
I believe this view is incorrect. Manager—as an accounting system—is based on recording what has actually happened. Only after that occurs can an audit be successfully passed. By entering the actual amounts transacted in all currencies on a multi-currency inter account transfer, you are recording reality, rather than some supposedly ideal equivalence based on an exchange rate that very likely did not apply to the specific bank transactions involved.
