I would like to do a transaction between 2 different currencies. How can I do that?

flaviokristo

Hello there,

I would like to do a transaction between 2 different currencies. I have created accounts in Euro and in another currency. How can I do that?

AlexL

Hey @flaviokristo . Can you expand on this a little bit more? WHat's the real world occurrence of this transaction and how does it use both currencies?

flaviokristo

Hello Alex,

Thanks for getting back. Basically I do transactions in both currencies (ALL & Euro) in the following ways:
- I have 1 expense account (Bank) in Euro.
- I have 1 other expense account (Bank) in ALL.

I would like to do the following:
- show the transaction of withdrawing ie 500 Euro from the account in Euro and add this equivalent in ALL (with a conversion rate) in the account in ALL

Does it make more sense?

AlexL

Hi @flaviokristo . Thanks for the in-depth breakdown. If you're looking to create transfers, between different currencies, use the following method.

1. Create an expense transaction for 500 Euro in the Euro account.
2. Categorize it as Transfer to Bank, Credit Card or Loan and select the ALL account.
3. This will automatically create the other end of the transfer in your ALL account, using the going foreign currency exchange rate of the day. If the amount doesn't match the amount in your bank account, feel free to edit the ALL account transaction and change the amount.

Let me know if you have any further questions on this.