Solution Properties
Solution ID:
200427112239030
Last Modified Date:
Mon Jun 02 09:44:02 UTC 2025
Taxonomy Path:
Case category//How do I...//processing
Author:
[email protected]
A guide to Foreign Trader
Description

Set up customers, suppliers, and bank records in multiple currencies. Enter payments and receipts in those currencies and generate invoices, orders, and statements without manual conversions.

NOTE: The module is available in Sage 50 Accounts Professional and Client Manager. In other variants of Sage 50 Accounts, Foreign Trader is available as an add-on. If you're interested in adding on the module, leave your details and we'll be in touch.

Cause
Resolution

Select an option below for more information:

Activate and Set up Foreign Trader

  1. Set up currencies.
  2. Activate Foreign Trader in your software.

Start processing

Follow our Foreign Trader - posting foreign currency transactions article.

Post foreign currency bank transfers

Use our To post or reverse bank transfers between different currencies article.

Revalue the foreign currency bank accounts

Follow our Foreign Bank Revaluation article.

Changes you can expect after enabling Foreign Trader

▼ Changes to the customer record, supplier record, and new wizards
  • When creating a new customer or supplier record, the software uses the currency in customer or supplier defaults
  • The Balance field on the Details tab shows the account balance in the base currency. The Activity tab displays transactions and balance in the account's currency. The software shows the correct currency symbol

  • Enter the correct exchange rate for each transaction when entering customer or supplier opening balances via the OB option

▼ Changes to the bank accounts and new wizard
  • Bank records display the balance in their currency and the company's base currency. The software calculates using the foreign currency values on bank transactions
  • Bank accounts display the base balance taken from the nominal ledger in the base currency. The foreign balance in the bank's currency
  • Enter the correct exchange rate for each transaction when entering bank opening balances via the OB option
▼ Credit Charges wizard
  • You can't use the Credit Charges wizard for customers using a foreign currency. To post a credit charge to a customer's record, you must raise a batch invoice
▼ Bank Recurring Entries
  • You can't set up recurring entries for foreign currency bank accounts. Post these manually
▼ Bank Reconciliation
  • The Bank Reconciliation window shows the transaction details for the bank account in the relevant currency
  • If you process transactions using the Adjustment option, you can specify the exchange rate
▼ Journals
  • You can't post a journal to a foreign currency bank account

  • To reverse a journal automatically posted by Sage Accounts, such as a bank transfer, use the journal reversal option

▼ Global Changes wizard
  • You can't use the Global Changes wizard for customer or supplier records that use foreign currencies. You'll need to change these records manually
▼ Contra Entries
  • You can't post contra entries for foreign currency records. Post any contra entries for these records manually
▼ Fixed Asset Disposal Wizard
▼ Corrections
  • If you amend a foreign currency transaction, you can only amend the following non-critical boxes: Reference, Description, Bank Rec on, Ex Ref and Rate

 

 

[BCB:124:Sage Intacct:ECB]

 

 





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