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Suggested answer

Transfer money from EUR cash account to USD cash account

Posted on by Microsoft Employee

The customer is set up with EUR as the currency.  When the money is received into the bank in EUR, the bank converts to USD. This cash account is set up as a USD account.  Receiving a payment from the EUR invoice has to be done in EUR currency.  I set up a EUR cash account so that the payment could be received so now the customer shows a zero balance and we have the money in a EUR cash account.  When I go to transfer the money from the EUR cash account to the USD cash account, the system will not let me because they are not both the same currencies.  How do I get the money into the USD cash account?

The SL version is SL 2015 CU1.

  • Suggested answer
    John_Joyce Profile Picture
    John_Joyce 1,040 on at
    RE: Transfer money from EUR cash account to USD cash account

    I deal with this situation all the time with several of my clients.  Easiest thing to do is to set-up a "Cash Clearing" account in the GL.  This account will NOT be set-up in the Cash Manager and will NOT be denominated to a single currency in the Chart of Accounts, thus making it available to be used in any currency.

    Using this new Clearing account, you can enter a GL batch in EUR to move the money from the EUR cash account TO the clearing account, and then a separate batch in USD, with the proper SPOT rate, to move the money FROM the clearing account to the USD account.


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