Hi KARLK,

Thanks for using Community Hub.

In Sage 50 Accounts you can work with other currencies by activating the Foreign Trader Module. Foreign trader is included in Sage 50 Accounts Professional and Client Manager or available as an add on in other versions.

You can read more about working with Foreign Trader here: Foreign Trader >

Here's a recording of a Webinar about Foreign Trader that may also be useful:



If this helps, please click Verify Answer.

Regards,

Andy
Sage UKI

Hi Karl

It is barely worth setting up Foreign Trader just to pay staff in Euros. If you need to invoice customers and or pay suppliers in EUR then that is different

I would set up a new Bank Account in GBP and every time salaries are paid in euros, convert the value to GBP and enter the value. Optionally, at the end of your fiscal year, work out the value of the EUR account in GBP and adjust the balance with a payment / receipt against the exchange gain / loss account.

You could also just transfer the balance at the year end to your GBP account and let the bank effectively do the work for you

Hi there,

We've been using Euro Bank for a while now and haven't tried out Foreign Trader yet.

Here's what you need to know:

1. You can set up the same way you would in GBP.

2. You can pay directly to the bank and convert to GBP in SAGE when you're processing transactions.

3. You'll need to create a Loss/Gain Nominal code and enter the difference. You'll see the GBP bank transactions after you make the payment in bank.

Let me know if you have any questions! Just a quick note to say that you don't need to worry about picking up the SPOT Ex rate, as the transaction charges will be included.

4. Please do let me know if there's anything else I can help with. I've been doing this for the past 15 years and I'm happy to help!
The above will only apply if you don't use Foreign Trader.

Thanks

Thank you! This is helpful. 

You mention the exchange rate is calculated in sage but how do you do that? Also, at what point do you calculate the exchange rate?  We buy euros in bulk, for ease lets say £10k this is recorded via a bank transfer / bank payment. Once payments are then made out from the euro bank do i record them in sage as euros or do the conversation and put in as GBP? 

Thank you for your help, its much appreciated.