In this article, we go through how to enter transactions for foreign bank accounts.
When you have an active foreign denominated bank account, the ‘Bank Statement’ and ‘Add New Transactions’ pages contain two additional columns (Exchange Rate and AUD Amount) these behave in a slightly different manner to Australian based bank accounts.
How the functionality works
- Amounts entered are in the foreign-denominated amount (not AUD).
- The exchange rate will default to the Reserve Bank Australia (RBA) Exchange Rate published for the day of the transaction.
- The AUD amount is automatically calculated by foreign currency times the corresponding exchange rate.
- Users can change the AUD amount (if it is not the same as the actual amount received). The Exchange Rate will then be automatically adjusted to reflect the correct exchange rate used to determine the AUD amount.
- the Balance is always displayed in the foreign-denominated currency that the foreign account was created (not in AUD).
- For Foreign denominated bank account transactions, Class supports the processing of the following events:
- Security Purchase
- Security Disposal
- Capital Return
- Foreign Income
- Foreign Expenses
The Match Transactions and Business Events screens will continue to display all information in AUD.
Entering Transactions for Foreign Bank Accounts
Navigate to Fund Level > Transactions > Browse Bank Statements
- Enter the date of the transaction (required format dd/mm/yyyy)
- Enter the transaction description (should be the same as the detail on the bank statement)
- Enter a Cash-Out or Cash In entry as per bank statement (all values must be absolute figures - negative amounts are not accepted)
- Note that the Exchange Rate and AUD Amount columns are automatically populated.
- Click on Save Transactions once all items have been entered.
You can use the Upload CSV File or Copy and Paste functions to enter any foreign bank statement items.
Class will automatically bring across the foreign exchange rates and convert them into the Australian dollar equivalent.