Dollars to pesos

Jeff's Avatar

Jeff

22 Apr, 2020 02:10 AM

How can I record a transfer from a dollar-denominated account to a mxn (peso) account. I want the dollar account to show a debit of say $100 and the mxn account to show an addition of 2000 pesos (depending on the exchange rate at the time of transfer.

  1. 1 Posted by derekkent23 on 22 Apr, 2020 09:05 AM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi Jeff

    Assuming you want to enter foreign currency transactions into a base currency account.

    You need first to set up categories in the foreign currency. TOOL – CATEGORIES – NEW. Remember to change the CURRENCY TYPE using the dropdown when you set up a non-base category to the required currency. As you can see you can end up with categories with similar names which need to be differentiated by currency.
    Now when you want to enter a transaction for a category in that foreign currency select the appropriate category.
    e.g.
    Holiday:Travel - (GBP) -------- base currency
    Holiday:Travel – ($)-------------- foreign currency
    Holiday:Travel – (Euro)---------- foreign currency

    When a non-base currency category is selected you will now notice that the Rate and Foreign Amt fields are open for you to use when you select a category created for use with a foreign currency.

    Assuming that the exchange rate for the foreign currency is available under TOOLS – CURRENCIES the RATE value will fill in. Enter the Payment or Deposit amount (for credit cards Charge or Payment) in the base currency and the Foreign amount will fill in. You can change the Rate if required. Instead you can enter the Payment or Deposit amount (for credit cards Charge or Payment) in the base currency and the Foreign amount and the Rate will change accordingly. You can’t enter the Foreign Amt as there is only one field so you are not able to define it as a Payment or Deposit amount (for credit cards Charge or Payment).

    You can also set up foreign currency accounts.

    Hope this helps

  2. 2 Posted by dwg on 22 Apr, 2020 09:56 AM

    dwg's Avatar

    I'm a fellow user.

    Typically you enter the transaction into the account (say the USD account) after you select the Peso account as the category the software will use the current rate it has and show an amount on the foreign field. You can change the rate to the actual rate used, which should change the foreign amount. After you press enter to end the transaction it should be posted to both accounts one in USD and the other in Peso the actual transaction will show the rate on the foreign amount on both sides.

  3. System closed this discussion on 22 Jul, 2020 10:00 AM.

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