Setting Up a US Bank Account

Question

Need help to figure out how to set up a US bank Account. I am familiar with Sage but never have had to use multi-currency. I would also like to complete Invoices is USD and their payment would go to the US account and also create invoices is Cdn and have their payment go to the Cdn Bank Acct.

Erzsi_I · Accepted Answer

To make sure all other windows are closed go to View > Close all other Sage 50 Windows 
 To set up a US bank, heads that there's a lot of steps... you'll first have to create a Realized Exchange Gain/Loss Account, to do this: 
 
 Go to the Company module > Chart of Accounts and View Accounts 
 Scroll down to the General & Administrative Expenses group (5600 #s), add the realized exchance gain / loss account in this group. 
 Click File > Create 
 Enter the account number you want (ex. 5750) and add description: Realized Exchange Gain/Loss 
 The Account Type should be Group Account 
 Select the Class Options tab 
 In account class downdown menu select Loss 
 Click Save > Close 
 
 Next, when you go to Settings > Company > Currency, you should see the below, note the bottom corner login of sysadmin. Activate the option I want to enter transactions using Foreign Currencies. The home currency in CAD is auto selected. 
 Once activated, in the field Track Exchange and Rounding Differences, select the gain / loss account created above. Then under Foreign Currency select USD . The Code and other fields auto populate. Click Exchange Rate to start configuring exchance rates. Activate the option to Display a reminder if the exchance rate is xx old and select One Day in the drop-down menu. In the Currency Exchance Web Site field, enter www.bankofcanada.ca/rates/exchange . Then in the table, select the date and enter the rate for the day. Click OK twice and return to the currency settings to save your changes. 
 After the above screen closes, on the Options tab, change the Currency to USD. 
 On the Taxes tab, change the default tax code to No Tax , then Save and Close 
 Finally, to add a Foreign Currency Bank Account, go to the Company module > click Chart of Accounts >View Accounts. Find the subgroup in the Current Assets group (1000's). This group is where you'll add the currency bank account. Click File and select Create . Enter: - Account Number (ex 1060) and Description: US Bank Account - Account Type: Subgroup Account 
 On the Class Options tab, enter: -Account Class: Bank -Transit #, the Account # - Currency: USD - Account Type: Chequing Then save and close From the Setup menu, select Settings, then expand Payables and select Linked Accounts . For the USD currency, select the account created above (ex. 1060-US Bank Account for us). 
 Expand Receivables and select Linked Accounts. For the USD Currency, select the account (ex. 1060-US Bank Account). Click OK to save your changes. Hope this helps clarify things for you and others! Erzsi

Candice J · Answer

First, you need to ensure that the company file is set up for multiple currencies. Do this under Settings/Company/Currency and check off the box for "I want to enter transactions using Foreign Currencies." Then, create a GL account for the US Bank and ensure that the account class is set to "Bank" and that the currency is set up to USD on the "Class Options" tab. When you are setting up the customer's information, you will need to select the correct currency on the "Options" tab. You will need to set up a customer twice (one for CAD and one for USD) if you invoice them in both currencies. When you are receiving payments, you should be able to select either account for the deposit before posting the transaction.

Sage 50 Canada

Setting Up a US Bank Account

Top Replies

Turn On Foreign Currency Transactions

To set up foreign currencies in your company:

Turn On Foreign Currency Transactions

To set up foreign currencies in your company:

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING