Currency bank transfers made easy

If you transfer funds from one bank account to another account which is in a different currency you need to ensure the correct amounts appear, this is easily achieved in e-conomic using a simple journal.

A lot of our customers have more than one bank account and more than one currency account so moving funds around happens frequently and at the end of each month you need to make sure the correct amounts have been transferred as you may well have to revalue to balance the amount in the system to the amount on your bank statement.

The easiest way to do this is and capture any exchange rate difference is by creating 2 journal entries. In essence, take it out of one account in one currency and place in the exchange gain/loss account and then take it of this account in the different currency and place in the other bank account:-

trans a

transb

This way all transactions are listed in the correct currency in each bank account and any ex gain/loss is captured at the time of entry, making reconciliations so much easier !

Find out more about currency bank transfer

Have a great Easter weekend !