The recommendations below may not always be required or optimal for your user case. Please read them carefully and consider if they are relevant to you before attempting to apply them.
All bank accounts will be in base currency so create new foreign currency bank accounts. You’ll need to have added your currency to Settings > Currencies first. Once the currencies are added, navigate to Accounting > Bank Accounts and click Add Bank Account. Follow the prompts, making sure to select the correct currency for the bank account.
Once you have the new foreign currency account, you may wish to transfer the home currency balance into the new foreign currency account. Do this by navigating to Accounting > Bank Accounts and selecting Transfer Money. Choose to transfer from the home currency account to the foreign currency account. Enter the date to be the same as the “convert to” date selected for the conversion. Apply an exchange rate such that the home currency account will be emptied and the deposit in the foreign currency account will reflect the correct foreign currency amount.
If there are unreconciled foreign currency transactions, you may wish to transfer the unreconciled transactions as individual Transfer Money transactions. The remaining balance can then be transferred as a lump sum and manually marked as reconciled.
If you have any outstanding foreign currency invoices or bills before converting, then these will also have been converted to their home currency equivalent value. You may wish to edit (or void, then re-enter) these to correctly reflect the foreign currency values owed or owing.