Foreign currency transfer

Foreign currency transfer

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Hi
I have tried to correct an error I made when posting a transfer of cash from GPB bank a/c to Euros a/c by reposting the transfer - Euros to GBP and calculating the exchange rate back. It has zero'd the Euros a/c but the value in the GBP is higher than the original debit?? How should I correct this as anything posted to the euros a/c cannot be matched.
Need help as new job and consultant coming in on thurs to do more training which boss feels is too expensive !
ThanksJ

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By Richard Willis
21st May 2015 14:26

Wrong exchange rate

It appears that you have somehow used a different exchange rate when doing the reversal.  You don't specify which system you are using; I am guessing Sage?  I don't have it in front of me and am a bit rusty but from memory you cannot reverse bank postings so you will have to carefully work out the exchange rate of the ERRONEOUS transfer back, to however many decimal places Sage (or whatever) uses (?5) and reverse your CORRECTION at that rate.  Then do the same for the original transfer, having calculated the exact exchange rate used.  If you end up with an odd penny write it off to exchange diffs using Bank payments or receipts, VAT code 9.

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