Set up foreign currency transactions

Summary

Enable foreign currencies in Sage Accounting Plus.

Description

If you trade with companies based overseas, you can set up currencies.

NOTE:

This is a premium feature. See growing your business with Sage to learn more about upgrading your subscription.

Resolution

 Before you start processing different currencies, you need to

  • Enable foreign currency transactions
  • Assign the currency in your contact records

Enable foreign currency transactions

  1. Go to Settings, then Business Settings. In the Financial Settings section, click Currencies.
  2. Select Enable Foreign Currency Transactions.
  3. To use the latest ECB exchange rates, keep the Use Live Exchange Rates box checked.

    NOTE:

    If you don't use live rates, enter the rates manually here or when posting transactions.

    We offer three currencies: Euro (EUR), Pound Sterling (GBP), and US Dollar (USD). For other currencies you can set up manually, visit the Euro foreign exchange reference.

  4. To add a new currency, use the dropdown list to choose the currency you want.
  5. Check or enter the following information:
    • Bank Charges Ledger Account: This is the nominal ledger account used for any bank charges you incur. You can Create a new ledger account if needed
    • Exchange Rate Gains and Losses Ledger Account:

       

      If the exchange rate changes between invoice creation and payment, the difference gets posted to this ledger account
  6. Select Save.

You’ve successfully enabled foreign currency transactions and chosen your currencies. 

Assign the currency in your contact records

  1. Go to Contacts and select Customers or Suppliers. Then select the required contact.
  2. Go to the Options tab and click the edit (pencil) icon in the Account Details section.
  3. Select Currency. Choose the required currency.
  4. You can only enter a VAT number when the customer has a UK address.
  5. Select Save.

NOTE:

If you've already entered transactions on an existing contact record, you can't change the currency. Create a new customer or supplier contact and set the currency accordingly. 

Recording foreign transactions

You’re now ready to Process foreign currency transactions.

Related Solutions

Solution Properties

Solution ID
222001000101257
Last Modified Date
Mon Apr 20 13:18:44 UTC 2026
Views
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