Soumyaranjan Samal (fresher) (179 Points)
21 November 2022Dear Ma'am / Sir,
Please help me to pass journal entry for below transaction.
We have DBS multi currency accounts of SGD & USD.
There is a transaction amount of which i am not able to pass journal entries.
In SGD bank statement, it is showing 10,153
And In USD bank statement, it is showing 9,183.
Both above are inter bank transfer.
How to pass entries?
Yasaswi Gomes new
(Finance )
(4477 Points)
Replied 23 November 2022
Simple, if the currency spot is below 0 then divide the currency with it or else multiply with it is it is more than 0. This is for converting upper to lower denominatiin and vice versa.
If it is purchases
Dr purchases
Dr fx loss/cr fx gain
Cr bank
Soumyaranjan Samal
(fresher)
(179 Points)
Replied 23 November 2022
One Bank with a multi-currency account.
So money was transferred from SGD to USD. Then what will be the entry for both SGD and USD a/c?
Please explain.
Yasaswi Gomes new
(Finance )
(4477 Points)
Replied 23 November 2022
If its a transfer
Dr Usd bank
Cr. SGD bank
Dr. Fx loss
This is most probable
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