Dear Solar Accounts, My name is Milan Laszlo Vincze, and I'm writing because I would like to transfer money between two bank accounts, but their currencies are different: the program says that I have to restart it, if I would like to use another currency: what will happen with my first account? Thank you very much for your help!
Hi Milan,
Solar Accounts is only designed to keep track of one currency per business. If your businesses has two bank accounts in different currencies then you will need to convert the value of one bank account to the base currency before you enter the details in Solar Accounts. For example, if you have a bank account for USD $4000 then you would enter it as GBP £3218 because the exchange rate is currently about 0.8046 pounds per dollar. When you transfer money, just enter the amount of the transfer in UK pounds. You will also need to record realised and unrealised gains and losses that arise from the fluctuations in the exchange rate. That calculation can be tricky and I'm not an expert on this topic so I recommend you talk to your accountant about how to calculate the currency gains/losses and what accounts to use.
Regards,
