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Turn on foreign currency transactions

Created on  | Last modified on 

Summary

Turn on foreign currency transactions in Sage Accounting to invoice and bank in multiple currencies. It helps you manage exchange rates, charges, and revaluation gains or losses.

Description

Foreign currency invoicing and banking are only available in Sage Accounting Plus.

When you turn this on, you can set a default currency on contacts and use it on new invoices. You can also set ledger accounts for bank charges, interest, and exchange rate gains or losses.

Resolution

  1. Go to Settings, then Business settings, and Financial settings.
  2. Select Currencies, then select Enable foreign currency transactions.
  3. Choose whether to use live exchange rates from the European Central Bank (ECB).
  4. Add any currencies you need from the list.
  5. Check the ledger account for Bank charges and interest.
  6. Check the ledger account for Exchange rate gains and losses.
  7. Select Save.