Add Foreign Currency Bank Accounts

To set up your company to conduct business in a foreign currency

Step 1: Add exchange gain/loss account for foreign currencies

Step 2: Set up foreign currencies

Step 3: Add foreign currency bank accounts

Step 4: Choose linked accounts for foreign currency transactions

Step 5: Set method of pricing inventory and service items

Step 6: Add foreign prices to  inventory and service items

Step 7: Add foreign vendors

Step 8: Add foreign customers

Why open an account for a foreign currency?

Although Sage Simply Accounting allows you to mix home-currency and foreign-currency amounts in the same bank account, you will probably find it easier to keep them separate. If you use the same bank account for all foreign-currency transactions, you will have to multiply each foreign transaction by the exchange rate every time you want to consult your bank balance or reconcile the account. To learn more benefits of foreign-currency bank accounts, see: Working with Foreign Currency Banks Accounts.

To add foreign currency bank accounts:

  1. In the Home window, click the Accounts icon.
  2. In the Chart of Accounts, select (highlight) an existing bank account, and then on the toolbar, click the Create button.
  3. Sage Simply Accounting will automatically assign a number to this account; to change it, type over the number, then enter a name for this account.
  4. Click the Account tab and select Subgroup Account.
  5. Click the Class Options tab and select Bank for the account class. Select the type of currency used for this bank account and enter any other information you need.
  6. Close the window: your record will be automatically added.

Note: We recommend that you set up at least one bank account to keep track of transactions for each foreign currency you have set up.