Setting up Multicurrency
Step 4: Assign the accounts you've created to foreign currencies
Step 1 > 2 > 3 > 4 > 5
If you haven't already read the Multicurrency Overview, see Assigning accounts to foreign currencies for more information.
The Currency List window should be displayed.
- Highlight the currency you want to change and click the Edit button. The Currency Information window appears, displaying the information you've already entered about this currency.
- If customers pay you in this currency, click the Sales Ledger Accounts tab to display the Sales Ledger Accounts view of the Currency Information window. If you don't make sales in this currency, skip to step 6.
- In the Asset Account for Tracking Debtors in This Currency field, enter or select the account you'll use to track unpaid sales on account in the selected currency. This account must assigned the currency code for the currency you selected in step 1.
- In the Bank Account for Customer Receipts in This Currency field, enter or select the bank account in which payments from customers will be deposited. This account may be a U.K. funds account if your bank allows you to make deposits in the currency you selected in step 1.
- Review the remaining fields in the window. Mark the options that apply to your business. As you mark options, additional fields will appear, and you can enter the accounts you'll use to track various parts of your transactions, such as freight, deposits and discounts.
- If you pay bills using this currency, click the Purchase Ledger Accounts tab to display the Purchase Ledger Accounts view of the Currency Information window. If you don't make payments in this currency, skip to step 10.
- In the Liability Account for Tracking Creditors in This Currency field, enter or select the account you'll use to track unpaid purchases on account in the selected currency. This account must be set up to use the currency you selected in step 1.
- In the Bank Account for Paying Bills in This Currency field, enter or select the chebank account you'll use to pay bills in the selected currency. This account may be a U.K. funds account if your bank allows you to write cheques in the currency you selected in step 1.
- Review the remaining fields in the window. Mark the options that apply to your business. As you mark options, additional fields will appear, and you can enter the accounts you'll use to track various parts of your transactions, such as freight, deposits and import duty. Each of these accounts must be set up to use the currency you selected in step 1.
- When you've finished entering account information, click OK. Repeat steps 1 to 10 for each foreign currency you use.