Bank Transfer From Foreign to Local

How to Create an Inter-Bank Transfers from a Foreign Currency bank account to a local bank account

Lets say we are in OPC AU and transferring money from USD to AUD 


1. Go to the Accounting Dashboard

 
2. Click on the overflow button at the top right of your receiving foreign bank account then click Internal Transfers under New Section. (You can use the sending bank account also to create the transaction)

3. Fill in the relevant fields
Internal Transfer - Tick this
Payment Type - Receive Money
Apply Manual Exchange - Tick this
Rate - Once you have mentioned the Amount in next field according to the today's rate, this field will be updated automatically
Amount - Provide the NZD amount for total sending amount (Here NZD amount for US$1000)
Destination Journal amount -  Amount in sending banks currency (US$1000) ​ ​ ​ ​ ​ ​                                                Date - Transaction date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​                                                                                                                              Memo - You can provide any relevant details ​​
Journal - Bank ( Will be updated automatically from the bank you selected to create the transfer)
Payment Method - Use "Manual"
Destination Journal- Select the sending foreign bank account. ​ ​ ​ ​ ​ ​                                                                     Apply to all new transaction for record date - Tick this ​

 
4. Now Click Confirm

How to reconcile the Transfer

Reconciling the transfer in the sending foreign bank account.

1. Go to Accounting Dashboard > Click Reconcile Button on the bank account

2. Find the Transfer statement line from list on the left side> Click on the Match Existing Entries Tab or Odoo will automatically match it for you since the amount is tallying, or you can search through the search bar

3. Select the transaction & Click Validate

(Please note the internal transfer which we have created will be available in AUD at debit/ credit column, you can find the foreign currency amount in the "Amount in currency column")

Reconciling the transfer in the receiving foreign bank account 

1. Go to Accounting Dashboard > Click Reconcile Button on the bank account.

2. Find the Transfer statement line from list on the left side> Click on the Match Existing Entries Tab or Odoo will automatically match it for you since the amount is tallying or you can search through the search bar

3.  Select the transaction and Click Validate