When there is transfer of money from one bank to another, do it at the GL payment module here
Assuming you wish to transfer from SGD Bank to USD Bank, S$4,500 => USD3,000
: How to transfer from SGD to USD bank or vice versa
At [A/c Entry] , click [Payment]
Click [Others]
Enter the information from [1] to [10]
It is preferred that the transfer be taken up at payment rather than receipt (no doubt the effect is the same), because cheque number will be accounted for in the payment audit trial.
Note: At [7] , the exchange rate is actual rate given by the bank
It is not recommended because there are some implications which you may have to take note of. When GL journal are for non-cash related adjustments of accounts, it will be inconsistent to pass through cash-related transactions in the GL journal and will be subjected to potential control issues. Receipt - GL posting while the entries are posted to its respective bank accounts, the tracking of the cheque number will not be complete because at the payment side, you will not see this cheque number as it is posted in the Receipt. |
Next topic : Use payment module to issue out from the USD [fast code2] bank to the SGD bank
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Tax - OP (Out-of-Scope) Use OP when doing inter-bank transfer |
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