Sage 50 Foreign Currency Setup, Add and Modify
It’s no surprise why Sage 50 has become one of the most preferred accounting software for businesses. It has incorporated certain amazing tools and features to save a lot of time and effort for businesses. Easy reconciliation of foreign currency bank accounts is one such feature incorporated in this popular software. This helps businesses to deal with multiple bank currencies with ease.
Many businesses these days have gone global. This has led them to trade in different currencies. Sage 50 has offered its much-needed helping hand to businesses in this regard and has indeed made foreign trade easier. With it, businesses can set up customer and supplier profiles and process transactions in multiple foreign currencies, without any manual intervention. If you are yet to use this feature, you are definitely missing something! Don’t bother! We have it covered for you! Just go through this blog. Here, we will tell you from scratch, about how to set up Foreign Currency in Sage 50 and other related matters
Let’s proceed then!
User Navigation
- How to Setup and Enable Foreign Currency Transactions in Sage 50?
- How to Modify the appearance of a Foreign Currency in Sage 50?
- Accounting Professionals & Specialized Experts
- 💠Frequently Asked Transactions💠
- How to Modify the Appearance of Multiple Foreign Currencies in Sage 50?
- What causes the Sage Error Code 12 Invalid Transaction?
- I am getting the ‘Amount paid in foreign currency disagrees with a total Paid in allocations‘ Error message in Sage 50. To Fix it, I am asked to restore to an earlier Backup. How can I do this?
How to Setup and Enable Foreign Currency Transactions in Sage 50?
Here are the steps to follow-
- Go to Settings
- Click on Business Settings
- Go to the Financial Settings section
- Click Currencies
- Choose Enable Foreign Currency Transactions
- To use the latest exchange rates from the ECB automatically, checkmark the box next to ‘Use Live Exchange Rates’
- If you want to add a new currency on the next available line, select the currency of your choice from the drop-down list
- select /provide the following information:
- Exchange Rate Gain and Losses Ledger Account
- Bank Charges Ledger Account
- Select Save.
Read More-: How to Set Up New Bank Account in Sage 50
How to Modify the appearance of a Foreign Currency in Sage 50?
Please follow the steps below-
- Go to the Home window
- Click on the Setup menu
- Choose Settings
- Click on Company
- Now click Currency
- Enter your modifications to any of the following sections:
- Symbol – In case you do not have the correct symbol on the keyboard, please use the following keystrokes:
- (£) Pound: ALT+0163
- ($) Dollar: ALT+036
- (€) Euro: ALT+0128
- (¥) Yen: ALT+0165
- Symbol Position – Select either Trailing (behind number) or Leading (in front of number)
- Thousands Separator
- Decimal Separator
- Symbol – In case you do not have the correct symbol on the keyboard, please use the following keystrokes:
- Finally, click OK
The Footnote:
We hope from the discussion above, you have got a fair idea of how to set up foreign currency in Sage 50. We have also discussed other important matters related to foreign currency transactions in Sage. In case you are l finding it difficult to set up foreign currency in Sage or if you have any queries, we recommend that you should consult with an experienced Sage professional.
Accounting Professionals & Specialized Experts
Want quick help from accounting software experts? Get in touch with our team members who can install, configure and configure your software for you. Proficient in fixing technical issues, they can help you quickly get back to work whenever you encounter an error in Sage software. Our team is available 24/7 365 days to assist you. To get in touch.
💠Frequently Asked Transactions💠
How to Modify the Appearance of Multiple Foreign Currencies in Sage 50?
Please follow the steps below-
🔹 Go to the Home window
🔹 Click on the Setup menu
🔹 Choose Settings
🔹 Click on Company
🔹 Now click Currency
Specify the item you need to modify for a particular currency and type in the change desired. You can change the following:
Symbol – In case you do not have the correct symbol on the keyboard, please use the following keystrokes:
🔹 (£) Pound: ALT+0163
🔹 ($) Dollar: ALT+036
(🔹 €) Euro: ALT+0128
🔹 (¥) Yen: ALT+0165
Symbol Position –
🔹 Click on Find
🔹 Select either Trailing (behind number) or Leading (in front of number)
🔹 Thousands Separator
🔹 Decimal Separator
🔹 Finally, click OK
What causes the Sage Error Code 12 Invalid Transaction?
Some of the prominent reasons why this error message appears on your system are as follows-
🔹 The card may have got expired
🔹 The user may have typed the incorrect card number
🔹 The user may have entered an incorrect card expiry date
🔹 The spending limit for the concerned credit or debit card may have been crossed
🔹 Some fraudulent activity has been tried with the concerned card
🔹 The user may have tried transactions using the card multiple times in a row and the card association may have perceived it as a sign of fraud
🔹 The user may not have activated the card at all
🔹 The card is not current on payments
🔹 Incorrect card details may have been entered by the processor
🔹 Issues with the AVS (Address Verification Service )
🔹 The card may have got damaged
🔹 The card reader may not have been working properly
I am getting the ‘Amount paid in foreign currency disagrees with a total Paid in allocations‘ Error message in Sage 50. To Fix it, I am asked to restore to an earlier Backup. How can I do this?
Restoring an earlier backup taken before the occurrence of this error can help fix the issue. Here are the steps to do so:
🔹 Go to the File section
🔹 Click Backup.
🔹 Perform the instructions shown on your screen to back up your data normally.
🔹 Go to the File menu again
🔹 Click on Restore.
🔹 Click on Browse
🔹 Specify the backup file you need to restore.
🔹 Click OK to proceed with the restoration process.
🔹 On being prompted, click OK to overwrite your existing data.
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