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.

  1. 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.
  2. If customers pay you in this currency, click the Receivable Accounts tab to display the Receivable Accounts view of the Currency Information window. If you don’t make sales in this currency, skip to step 6.
  3. In the Asset Account for Tracking Receivables 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.
  4. In the Checking Account for Customer Receipts in This Currency field, enter or select the checking account in which customer payments will be deposited. This account may be a U.S. funds account if your bank allows you to make deposits in the currency you selected in step 1.
  5. 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.
  6. If you pay vendors using this currency, click the Payable Accounts tab to display the Payable Accounts view of the Currency Information window. If you don’t make payments in this currency, skip to step 10.
  7. In the Liability Account for Tracking Payables 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.
  8. In the Checking Account for Paying Bills in This Currency field, enter or select the checking account you’ll use to pay vendors in the selected currency. This account may be a U.S. funds account if your bank allows you to write checks in the currency you selected in step 1.
  9. 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.
  10. When you’ve finished entering account information, click OK. Repeat steps 1 through 10 for each foreign currency you use.

Setting up Multicurrency - Step 4