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When using the bank transfer feature, iplicit does not convert directly from the deposit currency to the withdrawal currency.
Instead, the system:
- Converts the deposit currency into the legal entity’s reporting currency
- Then converts that amount into the withdrawal currency
Because multiple exchange rate conversions are involved, this can result in a small variance compared to a single, direct currency conversion.
Can I adjust only one side of a bank transfer?
No. The two sides of a bank transfer are interdependent.
- Updating the value on one side automatically impacts the other
- The amounts cannot be adjusted independently
- Only the exchange rate can be amended to achieve the required result
Why does this create a variance?
Each stage of the transfer applies a different exchange rate. As a result:
- A two‑stage conversion (via the reporting currency) will often differ slightly from
- A single direct conversion between the two currencies
This behaviour is expected within iplicit.
Example (rates as at 06/01/2025)
Bank transfer conversion (via GBP reporting currency):
- USD $13,500.62 → GBP at 0.74080874 ≈ £10,000.00
- GBP £10,000.00 → EUR at 1.15492102 ≈ €11,549.21
Direct conversion:
- USD $13,500.62 → EUR at 0.85557559 ≈ €11,550.80
Resulting variance:
€1.59
What if I need exact amounts posted to each bank?
If you need to post specific, exact values to each bank account, an alternative approach is recommended.
Instead of using a bank transfer:
- Post a cashbook withdrawal from the source bank
- Post a cashbook deposit into the destination bank
This allows you to:
- Enter exact amounts on each side
- Avoid multi‑stage exchange rate rounding
- Ensure values align correctly with the bank reconciliation screen