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Currency set up of Bank Account from Chart of Accounts

Overview

In a global economy, the ability to trade with foreign companies in their native currency is becoming ever more important.  So we have introduced the facility to deal with customers, suppliers and banks in different currencies to your business's main accounting currency ('Base Currency').

You may choose to specify your own customised conversion rates, or use the daily rates provided to Surf Accounts by Yahoo Finance.Currency_set_up_of_Bank_Account_from_Chart_of_Accounts_Image_I.jpg

Foreign currency transactions will be automatically converted to your base currency, keeping your core accounts correct while dealing with your global partners.

 

Currency set up of Bank Account from Chart of Accounts

To set up the currency of your bank account select Accounts» General Ledger »Chart of accounts the following screen will appear.

 

To set up the currency of the bank and cash select the bank account and open the ‘Bank and Cash Account’ the following screen will appear.

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To set up the ‘Currency’ open the bank account for which you want to set up the currency. From the currency drop down select the currency. The currencies which have been set up at the time of setting up currencies will only appear under the drop down.

Please note, if any transaction has been posted into the bank accounts already system will not allow you to change the currency. For e.g. a payment has been posted against Bank current account (account code: 771) and your currency was set to ‘Euro’, system will not allow you to change the currency and transaction already posted. 

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