Sage 50 Foreign Currency Setup


If you trade with companies in other countries, Sage 50 Accounting can be set up to account for operations in foreign currencies. Sage 50 users can easily record invoices, credit notes, payments and receipts in different currencies. You can set up unlimited foreign currencies in Sage 50 Accounting software. For installing Sage 50 get help from Sage experts at Sage Contact Support Number Canada +1-214-431-5122.
How to Set Up Foreign Currency Transactions:
Before you start entering transactions in different currencies, you need to enable foreign currency transactions and enter correct currency in your contact records.
  1. Enable Foreign Currency Transactions: Select “Live Exchange Rates” to automatically use the most up to date exchange rates from the FRS.
  2. Process Foreign Currency Transactions: When accounting for foreign currency transactions are set up, invoices, credit notes, payments and receipts amounts appears in a currency for that contact.  See the exchange rates used and the value of the transaction in your base currency.
  3. Invoice Receipts and Payments: While recording a receipt or payment from within an invoice using foreign currency you need to check the amount received, discount given, exchange rate, bank account etc.
  4. Customer Receipts and Vendor payments: You can enter customer receipts and vendor payments for multiple invoices payment record at the same time.
  5. Customer and vendor Refunds: This option can be used to refund credit notes or payments on account in a foreign currency.
  6. To check your exchange rate gains and losses: If the exchange rate changes between posting an invoice and payment or credit note and refund, the difference in the rate is posted to the exchange rate gain or loss  account. I will appear as overhead on your P&L account.
If you are unable to set up Foreign currency accounting your Sage 50, take help from experts at Sage 50 Customer Support Number Canada +1-214-431-5122, here professional team members are available to help you out in setting up an account and also resolve any issues while doing so.

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