How to Transfer Funds fromSGD Bank to USD Bank Account?

Scenario:

Transfer from SGD Bank Account USD2,020 @1.35 (S$2,727) to USD Bank.

 

1. Create a GC transaction for the transfer from SGD account.

• Select the SGD bank account
• Select the currency SGD and input the amount in SGD equivalent S$2,727 (the amount as from bank debit advice)
• Click Save once done.

 

 

On the bank recon, it will show as follows:

 

 

1. Create a GC transaction for the transfer to USD account.

-Select the USD bank account

-Select the currency USD and input the amount in USD 2,020 @ 1.35

-Click save once done.

 

On the bank recon, it will show as follows:

 

1. Transaction Done

 The entry for the 2 transactions will offset the Contra Account: