One of the following is not a required step in setting up foreign currency sales and purchases -
A)enter the linked account for tracking exchange rate differences
B)choose the foreign currency in the supplier and customer ledger
C)choose a foreign currency bank as the linked account
D)all of these are necessary steps

Question

Quizplus · Accepted Answer

Although setting up a foreign currency bank account may be helpful in managing foreign currency transactions, it is not a required step for setting up foreign currency sales and purchases in a bookkeeping system. The required steps are A and B; entering the linked account for tracking exchange rate differences and choosing the foreign currency in the supplier and customer ledger.

One of the Following Is Not a Required Step in Setting