Bank Account |
Back Top Previous Next |
Adding Foreign Currency Detailed Cheque/Credit accounts
For Opening Balances 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 dropdown 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.
General Ledger – Detailed Cheque/Detailed Credit Accounts Reconcilable general ledger accounts (detailed cheque/credit) will now have a single nominated currency. This is the currency that this account is transacted in within Jim2, and the currency that the account will be reconciled in.
Transactions in these accounts are always made in their nominated currency, using the current exchange rate for that currency.
Viewing detailed cheque/credit card accounts in the general ledger now shows these columns:
▪Add the new GL accounts and select the correct currency using the default tax code X. ▪Add a cheque from the account where you used funds to open the new account payable to the new account, using the exact exchange rate (preferably to 6 decimal places) to create the opening balance. ▪Add any transactions against the account in the strict sequence as they occurred.
Further information |