Define currency-specific balance accounts
With Continia Payment Management you can define which balance account should be used for a particular currency. The bank account defined for a particular currency will then automatically be selected when payments are made in the given currency in the payment journal.
You must have created your bank accounts prior to the balance accounts setup. Read more about how to create bank accounts in the article Creating bank accounts.
Follow the guide below to define a currency-specific balance account.
- Select the icon , enter Balancing Accounts, and then select the related link.
- This opens the window Balancing Accounts.
- Below you'll find descriptions of the individual fields and functions in the window.
- When you have completed the setup, select OK.
|Currency Code||Specifies the code for the currency to determine the account to be selected for payments.|
|Bank Account No.||Specifies the number of the bank account used by the bank.|
A currency-specific balance account can also be set up directly on the vendor. Apply the action Balance Accounts to vendor's payment details, to override the general setup.
This feature can be useful if you, for example, has several Euro vendors; but want some vendors to be paid from a DE account while others have to be paid from a NL account.