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VT Transaction+

Navigation: Multi-currency accounting

Setting up

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To set up multi-currency accounting, choose the Set Up>Currencies, Departments And Lists>Currencies command. In the Currencies dialog, click the New button for each currency you wish to use.

There is an option in the Currencies dialog to specify the ledgers that are analysed by currency. Typically, you might analyse the bank, customer and supplier ledgers by currency. You should not analyse a ledger by currency unnecessarily, as you will then have to select a currency when you first use an account. An account can only contain currency entries if it is in a ledger analysed by currency.

By default, all the entries in an account must be denominated in the same currency, be it the base currency or a foreign currency. This is the simplest and most error free way of operating multi-currency accounting in VT Transaction+.

The first entry you make to an account determines the currency that the account is denominated in. This currency can only be changed if you delete or move out all the entries in the account.

It is possible to set a ledger so that an account in the ledger can contain a mixture of currencies, but this option is not recommended and does not apply to the bank ledger. To allow a mixture of currencies:

1.Choose the Set Up>Ledgers command

2.Double click on the relevant ledger to display its Properties dialog

3.In the Properties dialog, ensure that the Analysis list option is set to Currencies

4.Untick the Accounts in this ledger can only contain one currency box

5.Click OK