Realising a Foreign Asset in FX currency

If the asset was originally captured in AUD then it can only be realised to an AUD bank account. However if an asset is captured in a foreign currency then it can be realised to a corresponding FX bank account.

As an example, to capture the asset to a US Dollar account you first need to create an Accounts Receivable pre-app account denominated in USD

1. Setup a Bank Account for USD

Setting FX rates. Instructions on setting a FX rate can be found here Setup a Foreign Currency Account and realise Cash at Bank

2. Setup for example Pre appointment debt account in USD currency.

3. Create your USD asset (Pre Appointment Debtor)

(i) Change the Holding Account to the Pre Appointment debt USD account

(ii) Enter the amounts in USD

(iii) If the rate is not correct you will need to edit it for each debtor OR update the rate in the system rates as per above link for setting FX rates

4. Receipt USD debtor payment.

Change the Deposit to Account to the USD account.

NB You cannot import  FX Pre or Post debtors. If you have a large number of debtors to import please contact our support team for assistance.