Hi Georgette Robert ,

Thanks for reaching out. It looks like you are seeking to handle a currency exchange transaction within Sage 50. Here's a step-by-step guide on how to record this transaction:

1. Determine the Exchange Rate: You'll need to know the exchange rate at which you are buying the US dollars. This rate should be documented, as it will be used to calculate the exchange.

2. Trial Balance with Foreign Balance: Run a Trial Balance report with the 'Show Foreign Balance' option selected to find the home currency (CDN$) and foreign currency (US$) values.

3. Create a General Journal Entry: Reverse out the current balances by creating a general journal entry using the exact exchange rate you have determined for the transaction. Remember, Sage 50 will store the exchange rate up to six decimal places.

4. Record the Transaction: Record the transaction using the 'Transfer Funds' feature in Sage 50:

   • Go to Banking, then Transfer Funds.
   • Select the appropriate currency.
   • Choose the 'Transfer from' bank account (which would be your CDN$ account).
   • Select the 'Transfer to' bank account (which should be your US$ bank account).
   • Enter the amount being transferred.
     
     
     

5. Account for Exchange Gain or Loss: After recording the transfer, review the Trial Balance to ensure the new balances reflect the transaction. The difference in the home currency value of the foreign currency bank account will be accounted for as a foreign exchange gain or loss.

6. Review and Post: Before posting the transaction, you can click on 'Report' to display the General Journal Entry and verify that all details are correct.

If you need further assistance or have more complex currency management needs, don't hesitate to reach out to Sage support for more personalized guidance.

Remember to consult with your accountant or financial advisor to ensure that the transaction is recorded in compliance with all relevant accounting standards and regulations.

Warm regards,
Erzsi

Erzsi

One of the problems with the Transfer Funds screen for multicurrency transactions is that 

Erzsi_I said:

Review and Post: Before posting the transaction, you can click on 'Report' to display the General Journal Entry and verify that all details are correct.

You can't do this when there is no Report menu.