Accounts

To add a foreign currency account

The I Use Multiple Currencies option must be marked in the Preferences window.

The Accounts List window should be displayed.

1. Decide what type of account you want to create (asset, liability or equity.) and click the appropriate tab at the top of the window. Then click New. (Account classifications)



2. Mark the Header or Detail field. (Header and Detail accounts)



3. Select the Account Type from the drop-down list. There are sixteen selections in all: five are for the asset classification, five are for the liability classification and each of the other six correspond by name to the other six classifications. (Account types)



4. Enter a number and name for the account. (Even if you've chosen to view your accounts by name, you must enter a number.)



5. Review the account's opening balance. If you haven't already entered the opening balance using the Easy Setup Assistant, do so in the Account Opening Balances window. Enter the account's opening balance in the foreign currency -- not in US dollars.

For example, if the new account contains 10,000 euros, enter 10,000. The currency symbol will be updated in a later step. (To enter detail accounts' opening balances)

6. Click the Details tab to open the Details view. Enter a description of the account.



7. Select the Classification for Statement of Cash flow which will be used for the Statement of Cash Flow reports. (Classification for Statement of Cash Flow)



8. Use the Currency field to select the currency that will be used for this account.



9. A message will appear asking you if you want an exchange account to be created automatically for your new account. The exchange account is required. Click OK.



10. A second message will appear asking if you want the opening balance for the exchange account to be calculated automatically for you. Click Calculate Now.



11. A window showing the opening balances for both the new account you're adding and its exchange account appears. Review the information and click OK to return to the Edit Accounts window.



12. Click the Banking tab to open the Banking view. Enter information about your company's bank and your company's bank account. (To update your company's bank information)



13. If you want to set up a budget for a detail account, click OK to return to the Accounts List window. Click the Budgets to open the Prepare Budgets window and enter the budget amounts. (To enter budgets for an account)



14. Click OK.

Related topics

• Multicurrency
• Assigning accounts to foreign currencies
• To add an account
• To link an account (foreign currency)
• To create records for the currencies you'll use