How to start a multi-currency accounting

In this article

Creating an accounting file, starting from a template

Proceed as follows:

  1. File menu → New command
  2. Select the Region, the category and the accounting type (with or without VAT).
  3. From the list of the templates that appears, select the template that is closest to your own needs.
  4. Click on the Create button.

You can search for a template by entering a keyword in the Search box; the program displays the templates containing the keyword entered.

It is equally possible to start from a blank file, by activating the Create blank file option. In any case, in order to facilitate the start and avoid grouping errors, we recommend that you always start from an existing template.

Create accounting file template

More information on how to create a new file is available on the Create New File page.

Setting up the file properties (basic data)

Accounting tab

  • Indicate the company name that will appear in the headers of the printouts and on the other data.
  • Select the basic currency, with which the accounting will be kept manually.

Accounting tab

Save to disk

Via the File→ Save As command, save the data and also assign a name to the file. The typical save dialog of your operating system is displayed.

  • It is advisable to use the name of the company followed by the year  "Company-20xx.ac2" to distinguish it from other accounting files.
  • You can keep as many accounting files as you need and each one will have its own name.
  • You can choose the path or support you want (save on drive, USB or cloud).
    If you also expect to have documents linked to the current year's accounts, it is suggested that you create a separate directory for each accounting year where all the files are to be grouped.
 

General use of the program

Banana Accounting is inspired by Excel. The user directions and the commands are kept as similar as possible to the ones of Microsoft Office.
For further information on the general use of the program, refer to the explanations on our Program interface page.
The accounting is being contained in tables; all of them have the same way of operating.

Exchange rates table

Before entering multi-currency transactions it is necessary to define the parameters of the currencies to be used in the Exchange rates table.

exchange rate table

Customizing the Chart of accounts

In the Accounts table, customize the Chart of accounts and adapt it to your own requirements:

  • Add accounts and /or delete existing accounts (see Adding new rows)
  • Modify the account numbers, the descriptions (for example, enter the name of your own Bank account), enter other groups, etc.
  • To create subgroups, please consult our Groups page.

customizing chart of accounts

The Transactions table

Multicurrency transactions need to be entered into the Transactions table; together they make up the Journal.

multi-currency transactions

 

Speeding up the recording of the Transactions

In order to accelerate the recording of the transactions, you can use the following functions:


Checking customer and supplier invoices

Banana allows you to keep an eye on the invoices to be paid and the receivable, issued invoices. Please refer to:


The Account card

The Account card automatically displays all the transactions that have been recorded on the same account (for example, cash, bank, clients, etc).

account card

To display an account card, just position yourself with the mouse on the account number and click on the small blue icon that appears.

Account card by period

To display the account card with the balances referring to a specific period, click on:

  • Reports menu → Account card → Period section → Selected    Enter the Start and the End date of the period.

For further details, consult the page Period.

Printing the Account card

In order to print one account card, just display the card from the Accounts or the Transactions table and launch the print from on the File menu.

To print several or all account cards, click on the Reports menu → Account card command and select the account cards to be printed. By using the Filter in the window, you can automatically select all accounts, cost centers, segments, groups, etc.

For further details, consult the page Account Card.


The Balance Sheet and Profit and Loss Statement

The Balance sheet shows the balances of all the Balance sheet accounts, Assets and Liabilities. The difference between the Assets and the Liabilities determines the Share capital

balance sheet statement

 

The display and the printing of the Balance Sheet is being executed from the Reports menu, commands Enhanced statement or Enhanced statement with groups.

  • The Enhanced statement command simply lists all the accounts without distinguishing Groups and Subgroups
  • The Enhanced statement with groups command lists all the accounts whilst subdividing groups and subgroups; besides, it presents numerous features to customize the presentation, functions that are not provided in the Enhanced statement.


Data archiving in PDF format

At the end of the year, when the entire accounting has been completed, corrected and audited, all the accounting data can be archived via the Create PDF dossier command.

archive pdf


The Budget

Before you begin a fiscal year, you can estimate the costs and revenue, so you have your company's economic and financial situation under control.
 
The budget can be set up in two different ways:
 
  1. Accounts table, Budget column. For each account, the annual budget amount is being indicated.
    In this case, when you set up the Budget from the Reports → Enhanced statement with groups command, the Budget column displays the amounts that refer to the entire year.
  2. In the Budget table, that can be activated via the Tools → Add new functionalities command.
    In this table, you can enter all the budgeted costs and revenue by means of entering transactions. If you activate this table, the column of the accounts table will be automatically deactivated.
    In this case you can set up a detailed budget, taking into account the possible variations over the year and in different periods of the year.

Budget Table

For more details, consult the Budget page.

 

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