How to apply Foreign Exchange?

I require to report my financial statements in a different currency, how do I apply the foreign exchange rates to present and disclose the financial statements in the foreign currency? 

  Instructions:

Steps to follow:

1. In the Working Trial Balance, proceed to the Foreign Exchange Trial Balance

2. Input the relevant exchange rates in the ‘Current Rate’ column

3. Once the foreign exchange rates have been input, a new account will need to be created in order balance the difference caused by the translation of the Trial Balance into the foreign currency
4. In the working trial balance click on ‘New’
5. The account will be mapped to the Foreign Currency Translation Reserve under the account number - 1.5.0.330.100.000.050.400.00000.001
6. Please note that the Current Rate for the newly created Foreign Currency translation account should always be 1 in the foreign exchange trial balance

7. Once the account has been created, it will need to be selected as the account where the difference caused by the foreign transaction will be rounded to.
8. In the Working Trial Balance select ‘Settings’ | Select the Foreign Currency translation account as the ‘Rounding difference for: Foreign Exchange’

How do I then update my financials to include Foreign exchange transactions?

1. Go to financials | options | column settings

2. This Screen should appear below 
3. At Foreign exchange select YES from the drop down 

4. To change the currency symbol and currency in the financial statements, you will need to update this in the information store. Open the Information store under General in the ‘Client information’ section select the foreign currency units and currency symbol

5.   The foreign exchange has now been applied to the working trial balance and on to the financial statements

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