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stephanie38
Level 1

How do i enter the opening balance for the Euro bank acc. Do we enter the Euro value or the £ equiv. base currency is GBP but we also have Euros and dollars

 
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Best answer February 22, 2020

Accepted Solutions
Ryan_M
Moderator

How do i enter the opening balance for the Euro bank acc. Do we enter the Euro value or the £ equiv. base currency is GBP but we also have Euros and dollars

Hi @stephanie38,

 

For your question on the currency of your bank account, this will depend on the currency you assigned to it. 

 

 

Whichever currency you've selected should be the equivalent amount entered on your bank's beginning balance.

 

If you need to change the currency of the bank account, I suggest you create a second bank account then merge it with the old account. Ensure that the second bank account has the correct currency. To proceed with the merge, go to this article: How to merge accounts, customers, and vendors. Look for the Merging accounts with reconciliation reports section for the steps.

 

In case you need to reconcile your bank accounts, follow the steps provided in this article: How to reconcile a bank account and common troubleshooting tips. This includes a short video of a sample reconciliation.

 

Have other questions in mind? Post them in the comments below, and I'll get back to you.

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2 REPLIES 2
Fiat Lux - ASIA
Level 15

How do i enter the opening balance for the Euro bank acc. Do we enter the Euro value or the £ equiv. base currency is GBP but we also have Euros and dollars

You have turn the multi currency feature on, create the Euro bank account and set the beginning balance.

Ryan_M
Moderator

How do i enter the opening balance for the Euro bank acc. Do we enter the Euro value or the £ equiv. base currency is GBP but we also have Euros and dollars

Hi @stephanie38,

 

For your question on the currency of your bank account, this will depend on the currency you assigned to it. 

 

 

Whichever currency you've selected should be the equivalent amount entered on your bank's beginning balance.

 

If you need to change the currency of the bank account, I suggest you create a second bank account then merge it with the old account. Ensure that the second bank account has the correct currency. To proceed with the merge, go to this article: How to merge accounts, customers, and vendors. Look for the Merging accounts with reconciliation reports section for the steps.

 

In case you need to reconcile your bank accounts, follow the steps provided in this article: How to reconcile a bank account and common troubleshooting tips. This includes a short video of a sample reconciliation.

 

Have other questions in mind? Post them in the comments below, and I'll get back to you.

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