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Both the foreign currency amount and its equivalent in your base currency will be recorded and saved. The system automatically captures and stores these values, and the exchange rate used for the conversion will be clearly displayed in the transaction details.
When you purchase a capital asset , instead of recording all of the cost as an expense when you buy it, the expense of owning it is spread out over its expected useful life. This is called depreciation.
A capital asset is something that your business owns that can be used to generate revenue. For example, furniture, machinery, vehicles and buildings.
A starting balance is the amount of funds in an account at the beginning of a new fiscal period. It allows you to see the balance of the account without entering the full transaction history.
A journal entry is used to record business activity that doesn't involve money actually changing hands, such as accruals, adjustments, or internal transfers. It can only be entered in your business’s base currency.
