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Bank interest earned in multi currency / closing a multi currency bank account
Hi team, hoping someone out there may have a solution for my 1 queries today. Running accountright premier V19.15 with muti currency. We are holding US$ currency in an account and this is reflected c...
- Hi LeighH1977, I suggest the following:
Record a Receive Money transaction for the interest income. When recording, select the USD currency first to allow you to then select the USD bank account. Use the day's exchange rate. Allocate to interest income.
To transfer the USD balance to AUD, you can use a Spend Money transaction on the USD account. The exchange rate will be set by what you received in AUD. Allocate the amount to the AUD bank account. Check before you record how much the AUD amount will be, as there may be the odd cent difference, which you will need to record by a separate receipt or payment transaction, allocated to (say) bank fees.
Finally, once the transfer has been recorded, check that the USD balance has gone to nil. The USD exchange account however is unlikely to be nil, the balance should be transferred by AUD general journal to the currency variance account.
Hope that helps you.
