Post currency transfer between two bank accounts using different currency from default

cosl101 · 2017-06-09

Hi all

scenario is as follows - NAV Version2016

3 bank accounts GBP (default), EUR, PLN (polish zloty)

is it possible to transfer an amount 100,000 EURO straight from EUR - PLN without it having to come through the UK default currency.

Currency rates - 1 GBP = 1.14 EURO. 1 EURO = 4.19 PLN. 1 GBP = 4.77 PLN.

So 100,000 EURO's = 419,027.39

Can this be done and if so how? are there specific setups required on the currency in order to be achieved.

OR as I suspect

does this have to go through the UK bank and then transferred from the UK bank to the polish account

Ideas on how best to resolve?

thanks

Yury · 2017-06-09

Hi!
All posted amounts in foreign currencies are calculated to local currency. So, in this case you can do it two ways:
1. Two lines in gen. jnl. line (positive for one bank account, negative for another) with the same amount in LCY
2. If you post bank from bank reconcilation/statement, you should use transit g/l account and then post it's balance manualy to gain/loss account.

Yury · 2017-06-09

Hi!
All posted amounts in foreign currencies are calculated to local currency. So, in this case you can do it two ways:
1. Two lines in gen. jnl. line (positive for one bank account, negative for another) with the same amount in LCY
2. If you post bank from bank reconcilation/statement, you should use transit g/l account and then post it's balance manualy to gain/loss account.

jglathe · 2017-06-09

You will always need two lines, as Yury said in case 1. There is only one currency code field in the gen. journal line. From bank reconciliation I would expect it to be nearly impossible, there is no currency code in bank reconciliation - only an implicit one, which is not shown (the currency code of the bank account if it has one, otherwise LCY). So, you post again against transit account (as Yury says). The main issue is that you can't specify the exchange rate in the bank reconciliation line, there are no fields for it. The only theoretical way would be to enter the resulting exchange rates of the transaction on the date - which is impractical at best, and won't work in most cases (you will get a residual value on the transit account, which is what you don't want). So... the only way that actually works is case 1.

kriki · 2017-06-14

[Topic moved from 'Navision Financials' forum to 'NAV Three Tier' forum]

Post currency transfer between two bank accounts using different currency from default

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