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How to set up the default currency for a bank account in Sage X3

How to set up the default currency for a bank account in Sage X3?

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How to set up the default currency for a bank account in Sage X3?

Some users would like to maintain different bank accounts with their respective currencies for easier payment processing and accurate bank reconciliation in the defined currency for the bank. Setting up the default currency required for a bank account may not be automatic at the bank account creation level since the system will tend to inherit currency properties set up in the company and account core model.

Therefore, the following steps would be taken to set up a particular currency for the bank accounts, other than the default currency already defined in the account core model:

Step 1: Set up the currency in the cash account

Navigation: All > Common Data > General accounting tables > General > Accounts
Select the cash account created for the bank account in question, then select the required currency in the currency field as highlighted and save.
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Step 2: Map the journal code created for the bank account

Navigation: All > Common Data > BP accounting tables > Bank Accounts
Under controls, select the journal type as bank and select the right journal code in the journal field. The journal code must have already been defined prior to creation of the bank account and it should have been mapped with the cash account for the respective bank account being created. Bear in mind the currency was already defined in this cash account.
The journal code creation should be done as shown below:
How to set up the default currency for a bank account in Sage X3
With the journal code in place now and the right cash account in which we already defined our currency as USD, the currency properties will be inherited at the bank account set up once we enter the journal code as shown below:
How to set up the default currency for a bank account in Sage X3
This will ensure any transactions done under this bank account will be defined in USD currency and the account balance will always be in the same currency by default.

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