Using Foreign Currencies
In This Chapter
- Getting friendly with foreign currencies
- Dealing with foreign customers and suppliers
- Using the Revaluation wizard
This chapter is all about getting your head around the foreign currencies element of Sage. I always found the topic of foreign currencies a bit scary, so in this chapter I go through it step by step and make things as easy as possible for you to understand.
In this chapter I show you how to set up foreign currencies and deal with exchange rates in Sage. I introduce you to the Foreign Trader facility and show you how it fits into the day-to-day working of your business. You can find out how to deal with the extra paperwork when it comes to foreign customers, suppliers, and banks. And I show you how to use the Revaluation wizard to keep your foreign currency bank accounts in line.
Foreign Trader is available for all variants of Sage Accounts from Sage Instant Accounts, but only as an additional module. This chapter applies mainly to businesses that receive multiple foreign invoices and pay suppliers in foreign currencies. If you only have the occasional foreign invoice, converting the foreign currency to pounds sterling and processing the invoice as usual is probably easier than bothering with the Foreign Trader module. (Head to Chapter 7 for the low-down on how to process invoices.)
Setting Up Foreign Currencies
If you deal with foreign currencies, you need to set up those currencies in Sage. To process an invoice ...