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Post Info TOPIC: How often should you update the Euro exchange rate in Sage?
jenand


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How often should you update the Euro exchange rate in Sage?
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Hi,

How oftern should the exchange rate (Euro or USD) be update?

The last time we changed our was almost a year ago! It is currently set to 1.15. This rate is used for all sales and purchases (except the purchase of one particular item that is always over £250K).

We do use the HMRC rate for the bank charges and EC sales/ intrastat submissions. The reason it has not changed is sale claim it will affect their quotes. But for all of last year the rate was in their favor, so I am not surprised they did not want to change it.

Any advise on when others change their rates would be great.

Thanks



__________________

Jenna
gbm


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Posts: 896
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At least once a year.

And any balances at the end of your accounting year should be revalued at the closing exchange rate.

__________________

 

Regards,
Nick

Website: www.gbmaccounts.co.uk
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