If you trade with companies in currencies other than British pound sterling, you can create bank accounts in the foreign currencies you use with them.

Before you start

Before you can set up foreign bank accounts, you must enable foreign currency transactions. At this stage, you can also choose to use our daily exchange rates, or enter your own.

Follow our article if you need to turn on foreign currency transactions in Sage.

Set up a foreign currency bank account

Without an opening balance

1. Go to Banking from the navigation bar, then select Bank accounts.
2. Select New, then from the dropdown menu, select Bank Account.
3. Select the Account Type, then enter the Account Name.
4. Select the Currency from the dropdown menu.
5. If you don’t need to enter an opening balance, select Save.

With an opening balance

1. Go to Banking from the navigation bar, then select Bank accounts.
2. Select New, then from the dropdown menu, select Bank Account.
3. Select the Account Type, then enter the Account Name.
4. Select the Currency from the dropdown menu.
5. If you've moved from another accounting system, or you want to show a balance from a previous financial year, select Add an opening balance.
   
   NOTE:

   Enter an Accounts Start Date before adding an opening balance.

6. Select your Opening Balance Date.
7. Select Balance or Overdrawn Balance.
8. Enter the Opening Balance and the Exchange Rate.
9. Select Save.