Create a transfer money rule with foreign currency

ⓘ This article is for small businesses who use Xero  

What you need to know

When you create a transfer money bank rule, you can’t select a bank account with a different currency to the base currency of your organization.

To use a bank rule to transfer money to or from a foreign currency bank account, you need to:

1. Create the bank rule to apply to all bank accounts.

2. Select the foreign currency account from the details section during bank reconciliation.

Any existing bank rules created for foreign currency bank accounts need to be updated to reflect the same conditions.

Create the rule

To create a bank rule to transfer money to or from a foreign currency bank account:

1. In the Accounting menu, select Bank accounts.

2. Click Bank Rules.

3. Select the Transfer money rules tab.

4. Click Create rule.

5. Under Apply a bank rule, select if any or all conditions should match, then enter the required information to build the rule.

6. Under Bank account, select Choose during bank reconciliation.

7. Under Set the reference, select the field the bank statement to show in the reference field of the transfer transaction.

8. Under Run this rule on, select All bank accounts. Then, name the rule.

9. Click Save.

Select the bank account and apply the rule

In the bank account the transfer is being made from:

1. Navigate to the Reconcile tab.

2. For the relevant bank statement line, select the Create tab, then click View details.

   

3. Under From Account, select the bank account the transfer was made from.

4. Under To Account, select the bank account the transfer was made to.

5. Enter the amount of the currency transferred, then click Transfer.

6. Click Reconcile.