Foreign Currency Journal
I am hoping some of you accountants can explain to me the postings necessary to move funds between two banks accounts in different currencies.
Just a good old fashioned T - Balance type thing.
The computer system I have does not have an Interbank transfer facility such as Quickbooks and from memory, I cannot post directly between bank accounts. I have to use an intermediary.
For example I have a bank account in Sterling and one in Dollars.(Even though it is just an example I think it is best to avoid Euros :-))
I want to move £ 100 to the Dollar account and this will become $150. What are the postings that keep this all in balance? There isn't an exchange / gain or loss that I can see and I am ignoring charges etc.
Thank you for any assistance.