Chapter 352 Setting Up Currencies
For Currencies you receive an email with instructions to register or start a 30-day trial, and steps to create needed Accounts and set them as options for A/P and A/R choices.
This chapter covers these steps for setup and for adding more currencies when needed.
For registration or trial or any needed changes, please email support@bigbusiness.com.
Adding Currencies
Currencies let you enter purchases and sales in a foreign currencies and print easily.
Add new Currencies on the Company card, choosing Show List in Currency pulldown. On the Currencies List click Add to create a Currency and assign its Code and Symbol.
Use the three-letter code for the currency to fit and use the Symbol you want to print. Choose a bright color to help see in use. Set the Exchange Rate to use on transactions.
Currency Gain/Loss Account
Currencies help you automate accounting for sales and purchase in foreign currencies.
By the time sales or purchases are paid there may be a different exchange rate in effect.
Big Business posts any variance to the account you maintain for Currency Gain/Loss.
To create an account, use the Acccount card tool to add a new account of type Income. Set the Account Code and Account Name to fit in with your existing chart of accounts.
Currency Bank Prefs
Bank Prefs lets you choose default and automatic accounts for banking transactions.
Set Currency Gain/Loss Category in Bank Prefs to your Currency Gain/Loss account. Payments from customers and Payments to vendors will then post using this account.
This account shows on your Profit and Loss Statement to reflect rate changes occuring between pricing on an order and pricing on payment when converted to your currency.
Currency A/P Account
Currencies lets you track transactions and balances for vendors in foreign currencies.
On the Vendor card, you assign their currency and a Payables Category to match. After creating the currency, create the A/P Account and add to Payables Categories.
Use Account card to create a new A/P Account using a new Account Code and Name. Click the Foreign checkbox, set the Currency, leave Exchange on Auto-Create and save.
Currency A/P Exchange Account
Exchange Accounts are automatically created when you create a A/R or A/P Accounts.
When you create a new Accounts Payable account in a foreign currency such as the pictured A/P Euro, its matching A/P Euro Exchange is automatically created for use.
Together these accounts reflect balances in your currency by showing a balance in a foreign currency and automatically posting the difference into the Exchange account.
Currency Vendor Prefs
Vendor Prefs lets you add Payables Categories that you can select for Vendors.
For Currencies, you add a new currency on Company card and to use with vendors, create an A/P account for the currency and add the account to Payables Categories.
Pictured, the new A/R Euro, payables account in Euro, has been added. When a new Vendor is created using Euro, the matching A/P Euro can be selected.
Currency A/R Account
Currencies lets you track transactions and balances for customers in foreign currencies.
On the Customer card, you assign their currency and a Receivables Category to match. After creating the currency, create the A/R Account and add to Receivables Categories.
Use Account card to create a new A/R Account using a new Account Code and Name. Click the Foreign checkbox, set the Currency, leave Exchange on Auto-Create and save.
Currency A/R Exchange Account
Exchange Accounts are automatically created when you create a A/R or A/P Accounts.
When you create a new Accounts Receivable account in a foreign currency such as the pictured A/R CAD, its matching A/R CAD Exchange is automatically created for use.
Together these accounts reflect balances in your currency by showing a balance in a foreign currency and automatically posting the difference into the Exchange account.
Currency Customer Prefs
Customer Prefs lets you add Receivables Categories that you can select for Customers.
For Currencies, you add a new currency on Company card and to use with customers, create an A/R account for the currency and add the account to Receivables Categories.
Pictured, the new A/R CAD, receivables account in Canadian Dollars, has been added. When a new Customer is created using CAD, the matching A/R CAD can be selected.