Hi,
What is the best practice for setting up the CoA when you have multiple banks, multiple accounts per bank and 2 or 3 currencies?
Example:
I have Bank 1 - Citibank ( USD and EUR accounts), then Bank 2 - HSBC (USD and HKD).
It seems we have 3 options:
1. Is it advisable to just use 1 GL and manage them at the subsidiary ledger level? or
2. would it be better suited to setup 4 GLs or 1 for each bank account? or
3. 2 GLs only, 1 for each bank only?
I just want to highlight that this is for 1 company only. No subsidiaries or any affiliates.
Thank you.
Eric