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Set up to do business in other countries

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How to to set up invoicing and banking for multiple currencies in Sage Accounting.


Multi-currency invoicing and banking are only available to Sage Accounting Plus subscribers. If you don’t have it, learn about the benefits of upgrading to premium features. Read our growing your business with Sage Accounting article.

To do business in other countries, you’ll need to set up your invoicing and banking for multiple currencies.


Multi-currency invoicing

Before you can use multi-currency invoicing, you need to enable multi-currency transactions. This will allow you to set home currencies for your customers. It means new invoices default to that currency.

You also need to choose which nominal accounts to record any bank charges, interest, exchange rate gains, or losses in. This ensures we can account for these on your VAT return and other financial reports.

Turn on multi-currency transactions

  1. Go to Settings, then Business Settings and Financial settings.
  2. Select Currencies and select Enable foreign currency transactions.
  3. You can choose whether to apply Live exchange rates from the European Central bank (ECB). Here’s how it works when it’s turned on or off:
    Live exchange rates turned on: Rates are automatically updated as they change. This means you will always have the latest rate. You don’t need to enter them manually.
    Live exchange rates turned off: You’ll need to enter the latest rates manually. You’ll also need to make sure that you keep them updated with the latest exchange rates.
  4. We have already created three currencies for you: Euro (EUR), Pound Sterling (GBP), and US Dollars (USD). You can’t delete your base currency, Pound Sterling (GBP), or a currency that’s in use.
  5. Add new currencies from the drop-down list as needed.
  6. To set up multi-currency nominal accounts, do the following:
  7. Check the Bank charges and interest nominal account is correct. By default, this is the same account used for your domestic invoices.
  8. Check the Exchange rate gains and losses ledger accounts are correct. The nominal accounts you choose for these options will show your gains or losses on reports. The standard chart of accounts in Sage Accounting includes the Exchange rate gains and losses nominal account. You can change it as needed.
  9. Select Save.