This is only in the balance sheet report. It is subtracting the 400,000 HKD from the USD dollars. It’s plus 400,000.īut the USD account shows a balance of minus 400,000. The HKD account shows the current balance after the transfer. In other words, I transfered $51,000 USD out of the USD account into the HKD account. The USD account shows the balance as if the HKD were USD. This company is a HK company, and HKD is set as the default currency. However, my balance sheet report shows only the correct balance for the HKD account. When I look at the chart of accounts, each account shows the correct balance in the correct currency including the completed transfer.
I have completed a funds transfer from a USD account to an HKD account.
This was very helpful, but I do have a question. The account receiving funds is debited, and the account providing funds is credited. Of course, if you don’t plan to use any addons or extract data from QuickBooks, this limitation is irrelevant, because the QuickBooks program itself can display and report on transfers.Īnother direct method is to use a general journal entry to accomplish the transfer. If transactions were recorded with this method, a custom report that relied on this information would be incomplete and inaccurate. For example, a custom report built from QuickBooks data gathered using the QODBC driver would not have access to transfer transactions, since the QODBC driver itself can’t access those transactions in QuickBooks. Many third-party addons use the Intuit Software Developers Kit (SDK) to access QuickBooks data, and versions of the SDK up to 8.0 do not provide access to transfer transactions.
One small advantage this second method offers is that it doesn’t require adding a Vendor to transfer funds between accounts, although in many cases you may have other reasons to create a vendor for a bank account, such as recording bank charges.įor those using or planning to use third-party addons for QuickBooks, the Transfer Funds function has an important limitation. With or without multi-currency enabled, you can use the Transfer Funds function to transfer funds between any 2 accounts.
The Transfer Funds function is not unique to company files with multi-currency enabled or to transfers exclusively between bank accounts. If there is an exchange rate for the 2 currencies involved as of an earlier date, QuickBooks will use that exchange rate unless you manually enter a new one. If there’s no exchange rate recorded in QuickBooks at all for the 2 currencies involved, the exchange rate will be set to 1:1 unless you manually enter a new Exchange Rate in the Transfer Funds Between Accounts window before recording the transfer. It’s always important to remember that QuickBooks will use exchange rates on file in QuickBooks before you record the transfer.
0 kommentar(er)
