Sage 50 Foreign Currency- Modify, Add, and Set-up

If you are using Sage 50 software for your businesses and wondering how to set up, modify, and activate foreign currency for functioning on the account, then we will help you out by add foreign currency in Sage. It has great capability of smooth reconciliation of bank and foreign currency bank accounts which is great for businesses engaged in global trade.

Feature of Multi-Currency?

Multi-Currency is a feature within the Sage 50 accounting software which is designed to help businesses engaged in international transactions. This functionality allows users to conduct financial operations in multiple currencies and simplifying processes for global trade. Businesses can set up and manage foreign currencies, customize their appearance or seamlessly perform transactions in various currencies with the help of Sage 50 Multi-Currency. This feature enhances the adaptability of Sage 50 for businesses operating in diverse markets and provides a user-friendly and efficient solution for handling financial activities in a multi-currency environment.

This permits you to generate foreign currency bank accounts, add foreign value to your service and inventory items, receive payments and pay bills without manually converting the amounts to another currency, and exhibit reports with totals in both the foreign currency and the correspondent in your home currency.

Don’t worry, we’ve got you covered in this blog. We will  provide a comprehensive guide on manage and setting up Foreign Currency in Sage 50 and addressing related concerns from scratch.

Before you Proceed to Modify the Appearance of Foreign Currency in Sage 50

In today’s business world where many ventures operate globally, dealing with diverse currencies is common. Sage 50 comes to the rescue by simplifying foreign trade complexities. Businesses can effortlessly establish customer and supplier profiles and conduct transactions in multiple foreign currencies without the need for manual interference. If you haven’t explored this feature yet, you’re missing out.

Switch to Multi-User or Single-User mode

To switch to Multi-User Mode:

• In the Home window, go to the File menu and select “Switch To Multi-User Mode.”
• Confirm by clicking Yes. 

Note: If accessing a shared company, you might be prompted to choose a user mode. To switch modes while already in a shared company, close and reopen the company to see the prompt.

To switch to Single-User Mode:

• In the Home window navigate to the File menu and select “Switch To Single-User Mode.”
• If others are using the company data then a window will display current users.
• Click Close.

Steps to Setup and Enable Foreign Currency Transactions in Sage 50?

Setting up and enabling foreign currency transactions in Sage 50 is a simple process. Here’s how…

• Go to Settings then click on Business Settings.
• After that go to the Financial Settings section.
• Select “Currencies” and Choose “Enable Foreign Currency Transactions option.”
• Select the “Use Live Exchange Rates.”
• Provide or select the necessary information: 
  • Exchange Rate Gain and Losses Ledger Account
  • Bank Charges Ledger Account.
• Click on “Save.”

How to Modify the Appearance of Foreign Currency in Sage 50?

For a Single Foreign Currency

• In the Home window, navigate to the Setup menu and choose Settings.
• Click on Company and then select Currency.
• Enter your desired changes for the following:
  • Symbol: Use keystrokes if the correct symbol is not on your keyboard, e.g., ($) Dollar: ALT+036.
  • Symbol Position: Choose between Leading (in front of the number) or Trailing (behind the number).
  • Thousands Separator
  • Decimal Separator
• Click OK.

For Multiple Foreign Currencies

• In the Home window, go to the Setup menu and select Settings.
• Click on Company and then choose Currency.
• Select the specific item that you want to modify for a currency and make your changes.
• You can modify:
  • Symbol: Use keystrokes if needed.
  • Symbol Position: Choose Leading or Trailing.
  • Thousands Separator
  • Decimal Separator.
• Click OK.

Activate Foreign Currency Transactions

To enable foreign currencies in your company…

• In the Home window, go to the Setup menu and select Settings.
• On the left, click Company and then click on Currency.
• In the Home Currency section input your home currency settings.
• Check the box for “Allow Transactions in a Foreign Currency.”
• Choose an expense account to Monitor Exchange and Rounding Differences.
• Click on OK.

Ways to Add Foreign Currency in Sage 50 Accounting

Ways I:  To add a Foreign currency to your account.

• Go to Home window > Click on the Setup menu > Choose Settings > Click to Company and then click Currency
• On the Foreign Currency new column > click Find > choose the currency you desire to add and press Select
• If you allow this foreign currency with your account in the Merchant Acct > choose the specific merchant account so that the account is automatically selected for payments made with this currency.
• Each merchant account can be connected to multiple foreign currencies
• Click OK.

Ways II: To add foreign currency bank accounts

• Go to the Home window and then select the Accounts icon
• Choose a present  bank account, and then click on the toolbar, and then click the Create button
• To modify, enter the number, then type the name for this account
• Choose the Account tab and select the Subgroup Account
• Click the Class list and choose Bank for the account category. Choose the type of currency used for the particular bank account and type any other details you require.
• Shut down the window, and your record will be added automatically.

Ways III: The Pro version only permits one additional foreign currency

• Click Setup, and then click Settings
• Choose the Company, then select the Currency
• Highlight the option “I want to mention transactions by using Foreign Currencies”
• Enter the information about your currency and”, choose an Expense Account to “Track Rounding Differences and Exchange
• Choose the Foreign Currency from the section
• Fill up all necessary fields
• For entering an exchange rate for a new currency click on the Exchange Rate button
• Click OK.

Ways IV: The Quantum or Premium can have limitless currencies

• Click  Setup, and then select Settings
• Click on the Company, then select Currency
• Highlight the option “Permit transactions in a Foreign Currency”
• Choose an Expense Account to “Track Rounding and Exchange Differences”
• Press on the Find icon in the Foreign Currency column and then choose the currency you desire to add, then press on the Select button
• Make sure that all the settings are accurate for this new currency
• Enter the exchange rate for the fresh foreign currency by simply clicking on the Exchange Rate option
• And then Click OK.

Conclusion

In conclusion, Sage 50’s Multi-Currency feature helps businesses to navigate with global transactions effortlessly. It streamlines financial management with its ability to track and process transactions in various foreign currencies. In case you encounter any issue or require further assistance in optimizing Multi-Currency capabilities, our team of experts is ready to help. Reach out to our Sage 50 Experts to get help in managing diverse currencies within the Sage 50 platform.

FAQ’s