Quite often businesses repatriate money back to the home currency bank account from foreign currency bank accounts or the reverse and need to transfer money overseas. International money transfers can be entered into Saasu as a Journal as per the following example:
- From the main menu, select Add > Journal.
- Set the date to be the same as that on the bank statement or Money Transfer providers receipt.
- Enter a summary that explains the transaction.
- Select a your bank as contact if you want to track these types of transactions against your bank.
- Change the currency to be that of the Foreign Bank Account (USD in the pictured example).
- Enter a credit amount for the Bank Account the money is leaving. Make sure that the currency of the transaction and the currency of the account you’re crediting are the same.
- Enter a debit amount for the Bank Account the money is arriving in.
- Untick the currency xe.com automated rate feed check-box.
- Enter the rate the bank has provided manually (or wait and see what the exchange rate is on your bank statement).
- Add an extra line to the journal if you want to split out Bank Fees from the Currency Exchange amount.
Saasu works with International Money Transfer providers OFX and PayPal