Paying bills from USD account for AUD bill

Peace61

Hi,

 

I've just started a new client who has international transactions.  They use USD for all overseas sales and purchases. A paypal account kept and used for some of these.  This account is also used to pay some AUD bills.  How would you record this given that you can't pay directly from the USD bank account to an AUD supplier?

Steven_M

Hi @Peace61 

 

AccountRight will only allow for users to make payment from a foreign currency bank account if the purchase is recorded in that currency (i.e. not local).

In saying that, the way I would do it to record that payment would be:

1. Create a new local currency bank account - Accounts>>Accounts List>>New - give the account a number, name and set the account type to be Bank.
2. Once that account has been created go to Banking>>Spend Money.
3. Set the Pay from account to be the desired foreign currency bank account.
4. Set the allocation account to that newly created account.
5. Record the transaction as per normal
6. Once that Spend Money has been recorded, you would be going to Purchases>>Pay bills.
7. Select that holding account as the Pay from Account.
8. Record payment as per normal.

What the above process will do is take the funds from the desired foreign currency account and put it into holding so it can be used to pay off that purchase.