I have a few questions on the setup of multi currency in adagio:

1) I could not get my bank rec setup to change from CAD to USD so I reconciled the USD account I had and created a new one in USD. (We have only a few transactions). Was this the right thing to do? I assume it was blocked as I had CAD history in the accounts?

2) What do I have to do to get my GL accounts to read in USD? I have account 1012 which is my USD bank account shown in USD and 1011 which is the adjustment for the exchange which is revalued each month. I assume I now somehow combine these into a US balance to use the exchange feature on? Right now both show as Canadian but are tied to my new USD bank rec.

3) Do I have to adjust other accounts in the GL to multi currency such as 1299 and 3699 my AR and AP bank rec clearing accounts? As I just reconciled both of these are at Zero right now so I should be able to adjust them without issue. Do these need to be setup to revalue as well (Should always be at zero when time to revalue).

I'm sure I'll have more questions as I go along.

Hello Braedon,

1. Yes.

2. In Ledger, when you set an account to multicurrency, you can set the default currency for the account. If the account has a balance in CAD, you will need to create an entry to reduce the CAD balance and increase the USD balance. An account may have multiple currencies posted to it and the balance in each is maintained.

3. The control accounts may be single or multicurrency. You can make AR or AP multicurrency with out making the control account in Ledger multicurrency. Whichever method you use, don't revalue Control or clearing accounts for the subledger in Ledger. AR and AP have revaluation functions.