The first step in setting up company files to allow foreign currency sales and purchases is -
A)allow foreign currency transactions in the ledger record for the bank account
B)allow transactions in a foreign currency from the setup menu
C)change the currency setting in the supplier's ledger
D)enter an exchange rate for the session date

Question

Quizplus · Accepted Answer

Allowing transactions in a foreign currency from the setup menu is the first step in setting up company files to allow foreign currency sales and purchases. This option allows the user to set up foreign currencies in the system, establish exchange rates, and adjust settings to accommodate foreign currency transactions. The other options listed do not address the initial setup process accurately.

The First Step in Setting Up Company Files to Allow