It is recommended to add new detailed cheque/detailed credit accounts when commencing use of Multi-Currency.
Open the general ledger:
▪Go to the Asset (for cheque) or Liability (for credit card) tab.
▪Click Add.
▪Number the new account with respect to its required position in the chart of accounts.
▪Tick Detail Cheque Account.
▪Choose which currency this account is from the drop down list in the Currency field (only shows once Detail Cheque Account is ticked).
▪Nominate the opening balance in the Home currency.
▪Nominate the FC Balance as the current value in the selected currency.
▪Jim2 will calculate the Exchange Rate (as an opening balance and FC balance have been nominated).
▪Jim2 will then maintain the current balance in both foreign and home currency.
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The exchange rate for the opening balance cannot be entered. Instead, enter both the current Foreign Currency Opening Balance and the equivalent home currency Opening Balance. Jim2 shows the opening balance exchange rate based on these figures. Opening balances for these accounts are saved in foreign currency debit/credit columns in the opening balance journal (Transaction Journal ref# -1).
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