How do we set the initial foreign currency balance of a bank account? We have a new subsidiary and it has a bank account in foreign currency. We need to have the correct starting point.

I believe there is an opening balance field you can use for new account imports (I forget whether it's in the UI too). Alternatively, just put in a JE hitting the bank account and whatever other account in.

Ask your bank for the statement and use the opening balace and create a intercompany jounal from your main office bank account to the Subsidiary bank account. That is, if the money is coming from main office to subsidiary.