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Therefore, the system processes money transfers using the exchange rate established in the program as of the document date. Any differences calculated within the transfer document are automatically recognized as income or expense (through the Transfer Fee field), without separately highlighting fluctuations in the bank’s internal commercial rate.
Formula-
(Previous balance before money transfer)-(Money transfer value)* Сurrent rate - (Previous AED balance - AED money transfer value)
Exchange Difference=Previous Current Balance * Previous Current Rate− Previous Current Balance * Current Rate = 50 000 * 4.310952 (rate for previous transaction) - 50 000 * 4.233917 (rate for current money transaction) = 3851.75
To verify balances in both the foreign currency and the accounting currency, as well as to ensure the correctness of exchange rate difference calculation, please use Cash Assets Balances report (Money - Reports of money - Cash Assets Balances)
Thus, the exchange rate happens when there is variance on the official rates used in the previous document when compared to current document.
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