This video explains how foreign currency and exchange rates work in accounting. It gives an example of a journal entry with a foreign exchange gain or loss entry. It also shows what you need to do in the PiggyZen online accounting system to work with foreign currency.
One of the first things you need to do when you start using your accounting system is to add your bank accounts. It is important to select the correct account during a transaction so that the funds can be allocated to the correct accounts. To add a bank account to your accounting system, do the following: Log into PiggyZen Select 'Accounting and Finances' from the menu. Select 'Manage Chart Of Accounts' under 'Chart of Accounts'. Click on 'Add Bank Account'. Enter the account name. You can also enter the account number under 'Description' (optional). Click on 'Add'.
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