If you have a Microsoft Exchange account set up on your iPhone, you know how useful it is. MS Exchange has become more popular on the iPhone lately since Google implemented Google Sync for iPhone, which allows you to sync your email, contacts and calendars over the air. Exchange is also very popular among enterprise users.

One downside of Microsoft Exchange for iPhone is that you cannot have multiple Exchange accounts on one iPhone. This just changed thanks to some smart users of the ModMyi forum and an iPhone dev.

I was in the process of writing a long tutorial on how to set up multiple Exchange accounts on your iPhone when I found out thanks to JAiB that there is now an application in Cydia that does the hard work for you. If you want to add an exchange account the hard way, then read these instructions on LifeHacker. If you want to go the easy way, read on…

There is now a simple way to add a second Exchange account to your iPhone. It’s an app available in Cydia called AddExchange. Launch Cydia, look for AddExchange and install it.

After installing AddExchange, you launch the app from its springboard icon. From there, you simply tap a “+” button, and that’s it! AddExchange creates a new Exchange account behind the scenes, and names it SRV2. All you have to do at this point is open up its settings and change the defaults to whatever your second Exchange server uses. For me, I just changed it to use Google’s sync settings.

Looks simple enough. The downside? You have to be jailbroken but I guess if you’re reading this blog, that shouldn’t be much of an issue for you…

If you’ve tried AddExchange, I would love to hear your thoughts about it. Does it perform as well as it is supposed to? Have you found any caveat yet?