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Peace61's avatar
Peace61
Contributing Cover User
4 years ago
Solved

Paying bills from USD account for AUD bill

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's avatar
    Steven_M
    4 years ago

    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.

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  • Steven_M's avatar
    Steven_M
    Former Staff
    4 years ago

    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.

    • Peace61's avatar
      Peace61
      Contributing Cover User
      4 years ago

      Thanks Steven_M 

       

      I thought that might be the work around.  And it was working however, I now find that when in the banking command centre the USD bank account is not listed as an option.  It is listed in my accounts list but it has disappeared from the banking list.  Any thoughts?

      • Steven_M's avatar
        Steven_M
        Former Staff
        4 years ago

        Hi Peace61 

         

        That foreign currency bank account should appear in the Banking>>Spend Money (or Receive Money) windows as the Pay from (or Deposit to) account. It will not appear in the Bank Register window.

         

        If you are looking in the Spend Money transaction window and you are not seeing that foreign currency account I would ensure that you are selecting it in the Pay from Account/Deposit to Account list. It will not appear in the allocation list. If you are looking in the appropriate list, I would make sure that the account you are wishing to select has the Account Type of Bank (or Credit Card) in the Accounts list (Accounts>>Accounts Lists>>Select the account -the Account Type needs to show as Bank (or Credit Card).