3.0 Currency Exchange for AP - Standard

urrency exchange setup for Accounts Payable:

Currency Setup – Administration

Designate a Currency type name, the exchange rate, and then enter the Gain/Loss exchange account number. You can come back and add the account number later if it has not been created yet.

Chart of Accounts

First, create the GL account for the currency exchange.  

The gain/loss account will be an expense account, and does not need a currency type designated.

The AP currency account will be a liability, and will need to have the currency type designated. It will need to have the gain/loss currency account entered in the “currency exchange field” so that Softbase will post the currency variance to that account.

The bank currency exchange account will be an asset, and will need a currency type designated and the gain/loss  account entered in the “currency exchange account” field of the Bank currency GL account.

Vendors-

Identify any vendors that will utilize currency, and set their currency type in the vendor record as needed. You will also enter the payables account of the currency AP account.