Does anyone have some experience of using Foreign Trader in Sage?
I simply need to know how, and how often, the exchange rate is input into Sage. I thought you could input the rate and set a closing date but Sage helpline said I would only enter ONE rate (for the year?????) OR enter the current rate each time I posted an invoice. How does the reval work - I would imagine you would need to choose the year end date and input the exchange rate for each currency at that date????
I thought it was as aimple as looking up the Bank of England rates or HMRC advertised rates and plugging them in date by date (I am doing a bit of a catch up going back a quarter) then just bashing on with the invoice posting???
The Sage support guy has got me a bit confused......help!! Thanks!!
You can set the currency rates under the settings tab. I revalue monthly but watch for any large movements in the meantime.
What happens in the revaluation code is that say you enter an invoice in February then pay it off in March after you have changed the rate, the difference automatically posts to the currency variance code 7906.
I don't think many people comply 100% however, you want to keep things moderately up to date and you do not want to use anything that is way off.
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Thanks for your help - As I was doing a catch up of previously 'posted' to Excel invoices, retail sales and bank movements, I needed to get going before midnight 7th April!!!
I didn't have to worry about the payment/receipt side of things relating to foreign currency transactions which I will have to tackle soon, but I ended up printing out the Bank of England daily rates going back the last quarter or so and each time I input a relevant invoice, I input the rate for that date. I kept getting the message 'This is different rate from what is input' but carried on regardless and never asked to save the rate when prompted (rightly or wrongly). Incidentally, not surprised the rate was different as I hadn't input any rates anywhere else! - I presume 'Settings'. Maybe I will have to at month end dates in order for Sage to value the creditors/debtors???? This is my main question as I am sure that if I have the amount credited/bebited to bank and the charges amount, I can manually get through the bank entries process easily enough although it seems a bit of a fudge all this manual inv/cr note business to gain/loss on foreign exchange.
Incidentally, I am using v20 (2014) Sage 50 although have the ability to upgrade to latest version as I am in the Accountants Club or whatever it is called and have the various editions although I am sure this version is up for the job.
