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!

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
• 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.

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