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. 

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.