If you have accounts in foreign currencies, it is essential to enable those currencies before adding the accounts.
To enable multi-currencies, please follow the steps below:
- Go to 'Your Profile' on the top right-hand side of your home page.
- Click 'Company Settings'.
- Scroll down to 'Finance Settings'.
- In the 'Manage Currencies' section, select 'Currency Settings'.
- Click 'Add Currency' and choose the appropriate currency from the list.
- Manually enter the exchange rate from xe.com or your preferred currency exchange site. Please note that this exchange rate will remain fixed until you manually update it again.
- Verify that the exchange rate was interpreted correctly at the bottom of the screen, e.g., "x.xx EUR - Euro = y.yy GBP - British Pound".
- Click 'Save'.
When adding the second set of accounts, make sure you search for the bank name "Lloyds", and choose "Lloyds Bank Commercial". Please see below:
If you cannot connect your foreign bank account with a live bank feed because your bank doesn't appear on the available list of supported banks: https://token.io/coverage, you may upload your foreign bank statements to Business Finance Assistant and manage them as you would your GBP account. All financial reporting will be generated in GBP.
Please refer to this article: Importing bank statements to help you get started.
To create a bank account for your foreign currency:
- In the 'Bank Transactions' screen, click 'Connect Bank Account'
- Select 'Upload Statements Manually'
- When the new window opens, select the Account Type and change the 'Currency'
- Populate the required fields
- Select 'Done':
Press the 'Actions' button, then 'Import Bank Statement'. Then follow the onscreen instructions to import your USD or foreign currency bank statement.
Once you have imported your transactions, you can reconcile them against your USD invoices. You will see the USD sign in the USD account
You can match invoices created in EUROs for example:
To transactions in a EURO bank account:
Once matched to its corresponding transaction, the invoice will appear as 'paid' on your invoices page: