Understanding Sage 50 Cloud Ex Rates

Question

Hi all, 
 I'm brand new to Sage 50 Cloud and trying to understand how it uses ex rates (GBP/EUR). 
 It seems I can fix an ex rate, and all transactions will use that rate, unless I specifically overwrite it for that transaction. 
 
 What I really want is to set a rate at the start of each month and use that rate for any transactions in that month. 
 Can this be achieved by simply changing the master ex rate at the start of each month? Or does that cause issues elsewhere? 
 If I needed to enter a previous months transaction for some reason, could I then simply overwrite it to the relevant months ex rate for that one transaction? 
 
 Or is there a better way to set the whole thing up? 
 
 We'll be issuing sales invoices, receiving payments, entering purchase invoices and making payments in both GBP and EUR. We'll also be running GBP and EUR bank accounts.

Any help would be greatly appreciated! 
 
 Many thanks 
 Paul

Sean White · Accepted Answer

Hi. 
 Yes over type the exchange rate for each transaction. 
 You can choose to keep it at a set one for the month though if that works better for you. You can then revalue any foreign bank accounts on Sage before running any management reports such as P&L. The steps on how to do that are in the guide I posted in my earlier response as well. 
 Kind regards, 
 Sean, Sage UKI

Sage 50 Accounts

Understanding Sage 50 Cloud Ex Rates

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