Bank Transfer from Foreign Currency to Foreign Currency

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Posted on by Abdo Khoury

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Dear

Is there a Microsoft KB somewhere that clearly states that Dynamics GP can't process a bank transfer from one Foreign Currency to another without passing through the Functional Currency.

I am trying to find a Microsoft KB that clearly states that, your feedback is greatly appreciated

Regards

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L Vail 65,271 on at

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RE: Bank Transfer from Foreign Currency to Foreign Currency

Hi again,

Here's the authoritative rule directly from the Microsoft documentation:

"Transferring funds between checkbooks

Use the Bank Transfer Entry window to transfer funds from one checkbook to another. The default transfer number for each transaction increments from the previous number, and the three-letter code is based on your selections in the Bank Reconciliation Setup window. You can use duplicate transfer numbers.

To transfer funds, both checkbooks must be assigned the same currency, or one checkbook must be assigned to the functional currency. The multicurrency transfer date and currency ID determine the exchange rate for transfers. "

Kind regards,

Leslie
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L Vail 65,271 on at

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RE: Bank Transfer from Foreign Currency to Foreign Currency

Hi Abdo,

I don't know about any KB article that addresses this specifically, But the rule is: You can transfer between accounts with the same foreign currency or you can transfer between a foreign currency and the functional currency. That's how bank transfers and multicurrency works in gp.

If your functional currency is USD:

You can transfer from EURO to EURO

You can transfer from EURO to USD

You can transfer from USD to EURO

You cannot transfer from EURO to AUD

You cannot transfer from AUD to EURO

That's just the way it is. If you try to transfer between currencies, you will be greeted with the error message below:

Kind regards,

Leslie