Inter account transfer from US $ account to PKR account
I couldn’t get the following inter account transfer correctly, the program is not picking the right exchange rate as mentioned in Exchange rate settings (1PKR = 0.005988 US $) .
The actual transitions slip shows the following :
Account Outflow Inflow
US $ Account 500.00
PKR Account 0.00
US $ 1.00 = PKR 0.00
US $ 500.00 = PKR 0.00
In summery and all other transitions, program is calculating at right exchange rate and in inter account transfer the result is wrong (0).
In summery it appears in INCOME as Foreign exchange gain or (loss) showing (-83,500.34), calculating at correct rate of exchange and disappears from the PKR account because calculating at US$ 1= PKR 0.00.
My base currency is PKR and I am dealing in all other currencies e.g. US $, Euro, Chinese Yuan, Pound Sterling, Japanese yen etc. Hence I need frequently these inter account transfers from one currency account to an other.
You are requested to guide that how it can appear in the PKR account using the right rate of exchange not (0).
These intertransfers should remain unchanged once mentioned, as the exchange rate changes frequently, can be filled manually each time, if necessary.
Inter account transfers in different currencies can only occur if you have bank and/or cash accounts defined in multiple currencies and choose accounts in different currencies. You did not actually show a screenshot, but it appears you may have defined both your US$ and PKR accounts in PKR.
@Sethi1 I have deleted the second topic you created with the same heading and similar content. Continue this discussion here please.
Thanks. I couldn’t identify my mistake in defining currencies. Attached please find screen shorts, these may help you!!!
It is showing transaction in summery as Foreign exchange gain/loss but not shown in required bank account.!
Well, it looks like your bank accounts are properly defined. So that is not the issue.
I notice three other things:
You have PKR set up as a foreign currency. You should not, because PKR is your base currency. PKR should only be defined under Base Currency in Settings. This could have resulted in your PKR bank account being defined as a foreign currency account. So delete PKR under Foreign Currencies and all entries for PKR under Exchange Rates.
It looks like you do not have a base currency defined at all. Define the PKR under Base Currency.
When you enter inter account transfers in different currencies, you must manually enter both currency amounts. This is unlike same-currency transfers, where the program automatically matches the two. It looks like you did not enter a PKR amount.
First, select the two accounts in different currencies.
Second, enter the amounts to transfer out and in for each account.
Because you are specifying both amounts, you do not need an exchange rate for the transfer. However, you must enter an exchange rate to enable conversions on your balance sheet.
By the way, I can tell from your displays that your software needs to be updated.
Pleased to see the above screen shot with amounts entered in different currencies but I am still unable to put these figures. I down loaded software on August 20, 2020 (desktop version) and trying to make a program that will suit my business and will subscribe for clouds version.
I can’t find any thing like Entry/Edit Screen in my software…need further guidelines for manual entries.
Read this guide , this task is a very simple task if you set things up well. Transfer money between bank and cash accounts | Manager
I have read this guide and can feed accurate entries for same currencies. For different currencies I have to enter figures manually. This what where I need held. One of our friend has done this in above mails but I am unable to do this.
m unable to do this.
This is how Manager works, you must enter the amount for the accounts manually if two currencies are involved. Manager will then calculate the exchange rate.
Looks like you expected the exchange rate entered in settings to automatically do a conversion here. It doesn’t work like that.
No I am not expecting the exchange rate entered in settings to automatically do a conversion. I choose two accounts with different currencies (US $ and PKR) and I enter amount PAID FROM in the square i.e. 500, the same figure is shown automatically in the RECEIVED IN and I can’t change the amount or show currency symbols as shown in your screens. Totally stuck.
It seems that the second account is not set to PKR. Con you post screen shot of (Edit section) Foreign Currencies and of the Bank Accounts?
@Sethi1 can you show
Edit screen of these two bank accounts?