Processing Foreign Bank Accounts is becoming more frequent with SMSFs exploring foreign investments in search of better returns. Furthermore, it is becoming easier and cheaper to invest overseas. The problem for accountants is all this data must be converted into AUD for reporting purposes.
For information on how to set up a foreign bank account in the Chart of Accounts How to record foreign bank accounts
Simple Fund 360 provides several options to make this process a lot simpler.
Option 1 – Fast Data Entry
- Utilise the Fast Data Entry Screen and select the currency to process Foreign Bank Data.
- You can copy CSV data using Ctrl + C and Ctrl + V into the Fast Data Entry Screen
- The screen uses the Reserve Bank Daily Exchange Rates to convert amounts into AUD
- The Exchange Rate will be copied into the transaction reference field.
- More Information Foreign Currency Conversion.
Option 2 – Foreign Data BGL XML Upload
Option 2 Is more advanced than Option 1 and utilises the BGL Excel XML File format. This option can also be used to not only import Foreign Bank Accounts but Foreign Trades and Dividends. You can download the XML template file from the Wraps and Platforms dashboard.
More detailed instructions: BGL Excel XML Import
- Make sure you use the currency column, select a currency for Simple Fund 360 to automatically convert the amount on the transaction date.
- Copy and paste data using Ctrl + C and Ctrl +V.
- Like Fast Data Entry, the Excel file uses the Reserve Bank Daily Exchange Rates to convert amounts into AUD.