Conversions and Adding funds
When transferring funds into a currency wallet, the amount will be credited to your currency account in the corresponding currency. To reconcile this transaction, create a transfer from the account from which the funds were initially debited, matching the debit in your base currency account.
During the transfer creation, you have the option to add any fees associated with the currency conversion. You can either:
● Absorb the conversion cost into the exchange rate, which means the fees will not appear on your profit and loss statement. However, it is recommended to:
● Add the associated conversion fees separately. Enter the GBP amount, select "Bank Fees," and enter these fees in your base currency. Then, select the relevant expense account to recognise these fees.
Spending money, or paying a beneficiary
When you pay a beneficiary, the balance of your currency wallet will be debited to reflect the currency leaving your account.
This debit can be matched to an associated bill from the beneficiary as a bill payment, or you can create a "Spend Money" transaction to reconcile it as a new transaction.
Receiving money, or being paid by a beneficiary
When you receive money from a beneficiary, the balance of your currency wallet will be credited to reflect the funds being deposited into your account.
This credit can be matched to a pre-existing invoice and recorded as a payment, or you can create a "Receive Money" transaction to reconcile this as a new transaction.
