Setting up a General Ledger (GL) account is the second step in managing your financial records. This process involves creating accounts that will be used to record all financial transactions. Please complete the Set Up a General Ledger Account unit before this Set Up an FX General Ledger Account unit.
Setting up Foreign Exchange (FX) General Ledger accounts enables the user to manage transactions in multiple currencies, which is essential for organisations dealing with international Clients and Vendors.
- Navigate to Utilities > Controls > Default Settings and then select the FX Currency Settings item. SapphireOne will display the FX Currency Settings screen with a list of G/L accounts already in the data file.
- Note that this FX creation functionality, is in Utilities mode and not Accounts mode!
- From The Currency Types area click on the green + button and the Add G/L Types alert eill be displayed.
- From this Add G/L Types alert, add the desired currency type and enter the necessary details.
- From the Add G/L Types alert click on the OK button.
- SapphireOne will then create corresponding FX General Ledger accounts, for each General Ledger account currently in the data file, for the company that the user is currently logged in to.
The settings from each General Ledger account will be copied to the matching FX General Ledger account. However, it is essential to thoroughly check these new GL Accounts immediately, as your requirements for FX General Ledger accounts may differ.
For additional details, visit the Utilities > Control > FX Currency Settings article.