Bank Transaction Advice

diane79

I've just moved company and the system they use doesn't allow us to post transactions from a different currency bank account to a customer account, for example we will issue a USD invoice and the customer pays by credit card which is deposited into our GBP account. At the moment we are then physically transferring the cash to the USD account, taking a further hit on exchange, to allow us to post to the customer account. Would it be ok in effect 'Receive' the cash into the USD account on the system to post to the customer account and then enter a trf between the banks on the system that matches the amount actually received with any differences going to bank charges/exchange difference?

Neillaw

Have you considered posting the cash straight to the exchange difference and then doing a journal from the customer account to the exchange difference.
This would then leave you with a gain or loss on exchange.

diane79

Im not sure if a journal would work, I'm still figuring out the system, will try it Monday morning on the training database. Thank you