How to record Foreign Bank Accounts
You can create a bank account as per normal through the Chart of Accounts.
Check out the help on how to create a Bank Account in Simple Fund 360. Click Here.
How to record a Foreign Exchange Gain or Loss
Create expense and income accounts to record the foreign currency losses and gains respectively.
The expense account needs to be created within the 3000 range and income account needs to be within the 2000 range in the Chart of Accounts.
For detailed instructions on how to add an expense or income account in Simple Fund 360, refer to the help. Click here.
Currently in Simple Fund 360 you will need to manually calculate the Foreign exchange gain or Loss.
From the General Journal screen post adjustments to asset/investment and Debit/Credit the expense or income account which were created in Step 1.
A Foreign Exchange Gain would result in the following transaction:
A Foreign Exchange Loss would result in the following transaction: