Setting a foreign currency based liability transaction

in the chart of accounts, I was trying to set up an account that is of another currency from the base currency I presently used. I can’t seem to set it from the chart of accounts set up. Is there another way?


  1. You need to define base and foreign currencies.
  2. Then create Control Accounts for Bank and Cash Accounts in Settings such as Forex Bank and
  3. Base Currency Bank (name of your bank accounts) and assign to Balance sheet group. These Control Accounts will then show up in your Chart of Account under Assets.
  4. Create for each a Bank account under the Bank and Cash account tab and assign to the respective Controls accounts.

Notice that if you want to trade in these foreign currencies that you need to create Customer and Supplier accounts for each customer or supplier that you pay or pays you in the foreign currency.

Chart of accounts needs to be in base currency. You can set your foreign currency on the related bank account, customer, supplier.