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Interbank Fund Transfer (Two currency) - Debit CURRENCY A, Credit CURRENCY B

By
Damian Phang
on 6/25/14, 3:39 AM 2,350 views

I have two bank accounts, one in GBP (Bank 1) and one in USD (Bank 2). I have made a conversion at the bank. How do I debit Bank 1 and credit Bank 2 to show the move in funds?

hi Damian i have the same doubt, did you get a solution for this ?

muthunaveen
on 10/9/14, 2:23 AM
2
Piyush Suva
On 10/9/14, 6:07 AM

You Can use community module 'account_transfer' .

But make sure you have to make changes in that .

https://www.odoo.com/apps/7.0/account_transfer/

 

Hi piyush yes i aware of that module but its reported to have unfixed bug. Can you let me know what changes do we need to make before using it in our live production system ? Thanks in advance

muthunaveen
on 10/9/14, 6:58 AM

yes bro, i test it and it works, you have to configure proper journal with currency and transit account. and you may face the problem in on_change of amount otherwise this module is par fact.

Piyush Suva
on 10/10/14, 9:16 AM
0
muthunaveen
On 10/9/14, 3:57 AM

Hi all found a work around. Create an exclusive journal and call it as interbank transfer or Multicurrency journal apart from your General journal. Choose the default credit and debit accounts and the currency relevantly. I my case i had a company base currency of AED and i wanted interbank transfer journal for USD. I selected the relevant credentials.

Now create a journal entry with above defined journal. credit the receiving account ( AED account my case) and debit the donor account (USD account in my case). As soon as you fill the credit line, the debit line will be filled with default debit account with amount and amount currency field with converted values as per the conversion rates we have defined already. 

 The amount currency field will have the value + or - according to your conversion rates with base currency. Now the values are balanced so you can save and post. While you check the bank account balances in chart of accounts or journal entries make sure you relate with the amount currency/secondary currency to it. Else it will give an impression of values without conversion.

I have searched all the blogs related to this but none has answer or solution to this. We had to solve this some how as we production system in place. OpenERP Accounting Experts can suggest more on this practice. I feel somewhere we still have to make this user friendy especially when multiple currency accounts are owned by the organisations and not just multicurrency billing to customers.

Leaving for Open suggestions, hope this helps some one who is struggling at the same point

Thanks :) 

 

 

 

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Asked: 6/25/14, 3:39 AM
Seen: 2350 times
Last updated: 11/18/16, 12:18 PM