I have read/searched this site and tried a test without joy so I ask. I have 2 accounts both with significant monthly banking transactions thus I have set them up as cash accounts so as to be able to download from my bank and process via bank rules. The problem is, one is CND the other USD and there are often transfers of money (buy and sell) between them. I have also set up a clearing account for the ‘other side’ of each actual transfer which my reading indicates should net out to $0 but it dosen’t. The clearing account is, of course, in my base currency (CND) and for a purchase of USD in the CND account the debit in the clearing account is correct and equal to the credit. However, for the receipt of the US amount the credit in the clearing account does not balance that account due to the exchange rate. Am I correct in assuming that the only way around this problem is to delete the transfers from the bank downloads of both accounts and enter them manually as “transfer money” entries? Is there a more efficient way? What am I missing? Thanks
[quote=“rungek, post:1, topic:9784”]
Am I correct in assuming that the only way around this problem is to delete the transfers from the bank downloads of both accounts and enter them manually as “transfer money” entries?[/quote]
Yes, then any foreign exchange adjustment between the banking’s will be automatic calculated
Or to illustrate - banking US$10,000 would be shown as CA$11,111.11 sales using 0.90 rate.
But in the end you only received CA$11,100.00 in the base currency for those sales, so the variation between the US$ sales and the actual base currency banking has to be taken up.
And the Transfer Money will do that for you
I have this same question, and the answer makes sense, except that my ‘Transfer’ window looks different. I wonder if I have an older version of Manager. This is what mine looks like:
I can’t enter a different amount paid versus received, or select a different currency. I’m running 17.5.19.
You need to select a particular bank account first, currently you showing “Suspense” which means you haven’t selected an account.
Okay, I see CAD on the amount when I select an account, but I am still unable to change it from CAD to anything else, or to enter a different amount in ‘paid from’ versus ‘received in’ to account for exchange and fees between what I paid and what I received. Is there a setting somewhere I need to change to allow me to change the currency?
First, @horsegentler, your software is hundreds of versions out of date. You should update. You will want to read this Guide: Manager Cloud.
Second, when making an inter account transfer, the currencies are not selectable. They are defined by the bank or cash accounts involved.
Thanks, I got this all sorted out.