Forum Discussion

Nicccc's avatar
Nicccc
Experienced Cover User
3 years ago
Solved

Prepare bank deposit to foreign currency bank account

I am trying to process a bank deposit from undeposited funds to a foreign bank account but the foreign bank account does not appear in the ''Deposit to Account" drop down menu. How am i supposed to p...
  • Steven_M's avatar
    Steven_M
    3 years ago

    Hi Nicccc 


    While you can record direct payments (Receive Payments & Receive Money) into a foreign bank account, the Prepare Bank Deposit window doesn't have the ability to make payment into that foreign bank account.

     

    Ideally, you would be processing the transaction directly to that foreign bank account which would eliminate the need for that Prepare Bank Deposit.

    However, if that is not possible, what I would be doing would be recording a Recieve Money transaction to that foreign currency account as the Deposit to with the allocation being that undeposited funds account (see screenshot). This would generate a negative in the Prepare Bank Deposit transaction in the local currency. This can be ticked along with the other transaction to cancel each other out for processing:

Steven_M's avatar
Steven_M
Former Staff
3 years ago

Hi Nicccc 


While you can record direct payments (Receive Payments & Receive Money) into a foreign bank account, the Prepare Bank Deposit window doesn't have the ability to make payment into that foreign bank account.

 

Ideally, you would be processing the transaction directly to that foreign bank account which would eliminate the need for that Prepare Bank Deposit.

However, if that is not possible, what I would be doing would be recording a Recieve Money transaction to that foreign currency account as the Deposit to with the allocation being that undeposited funds account (see screenshot). This would generate a negative in the Prepare Bank Deposit transaction in the local currency. This can be ticked along with the other transaction to cancel each other out for processing: