If you’ve been using a separate FreeAgent bank account in your base currency* to record your foreign currency bank transactions, you should migrate the balance to a new foreign currency bank account in FreeAgent by following these simple steps:
1. Create a new foreign currency bank account in FreeAgent
Navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop down menu.
From the ‘Bank Accounts Summary’ page, select ‘Add new account’ and then ‘Bank Account’ from the drop down menu.
Enter a name for the bank account and select the foreign currency.
You should set the opening balance of the account to zero.
2. Select 'Add transaction' from your existing account
Navigate to the bank account that you’ve been using to record your foreign bank transactions until now, then select 'More', and ‘Add transaction’.
3. Enter the transaction details
Set the transaction type as ‘Transfer to Another Account’, and enter the balance of the account you’re transferring the money from (i.e. the account you’ve been using until now to record your foreign currency bank transactions) in the ‘amount’ field. FreeAgent the converts this figure into the currency of your new foreign currency bank account using the latest exchange rate from xe.com.
4. Select ‘Create and Finish’
Once you’ve made the transfer, the balance of the base currency account that you transferred the money out of will go down to zero. If you wish, you can hide this account from view by selecting the account, choosing ‘Edit Details’, then selecting ‘Hidden’ as the status.
*If you have a UK FreeAgent account, your base currency will be GBP, if you have a US account, it will be US dollars, and if you have a Universal account, it will be the currency you selected when you first set up your FreeAgent account.