Multi-Currency: Setting Up Accounts Payable

This feature is part of the Multi-Currency Add-On, which is an additional module for Big Business that supports transactions in foreign currencies.

This Solution describes Setting Up an Accounts Payable Account in a foreign currency. (5954)

From a US perspective, CDN is a foreign currency:

To support purchases in a foreign currency, you need to create an Accounts Payable Account that uses a foreign currency.

To Create a Foreign Currency Account:
1. Use the Account Card tool on the Bookkeeper toolbar to create a new Account.
2. Enter or edit Account Code, Account Name, and Account Type as needed.
3. Click the Foreign checkbox and choose the Currency from the Currency pulldown.
4. Leave the Exchange Account entry set to Auto-Create.
5. Click OK to save the Account Card.

Big Business will Save the Account (2210 - A/P Euro) and Auto-Create an Exchange Account adding 1 to the Account Code and "Exchange" to Code and Name (2211 - A/P Euro Exchange). If you manually create an Exchange Account it should not be Foreign and should be selected as the Exchange Account when finished.

To Add the new Account to the list of Accounts Payable Accounts:
1. Open the Vendor Prefs from the Vendor toolbar.
2. On the Bookkeeping tab click Add (+) under Payables Categories.
3. Select the new Account (2210 - A/P Euro).
4. Save the Vendor Prefs.


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(Next) Setting Up a Vendor