This setup form is used to set the Currencies used in the accounting software. To setup the currency rates use Exchange Rates for each foreign currency.
Currency Abbreviation: Enter currency abbreviation here e.g USD, EUR, PKR, RMB, SAR etc
Currency Symbol: Enter the currency symbol here e.g $, ¢, £, Rs. etc
Currency Name: Enter the currency name here like US Dollars, Euro, Pakistani Rupee, Saudi Riyal etc
Hundredths Name: Enter the hundredths name here e.g cents, paisa, halala, pence etc
Country: Enter the country name.
Automatic exchange rate update: Uncheck the box if you want to setup the exchange rates
Foreign Currency Account Work Flow
If Supplier is dealt with in foreign currency (e.g USD here) but taxes and bank charges need to be managed in home currency (CAD here), then:
- Do a bank account transfer from say Visa => USD account
- Bank payment: to misc; from USD bank account;
- Choose GST in CoA, enter USD
- Choose Bank Fees in CoA, enter USD