Post-conversion – Sage – Foreign currency

Tidy foreign currency (if applicable)

The recommendations below may not always be required or optimal for your user case. Please read them carefully and consider if they are relevant to you before attempting to apply them.

All bank accounts will be in base currency so create new foreign currency bank accounts. You’ll need to have setup Multicurrency from Business Settings.

Once the currencies are added, add the bank account.

Once you have the new foreign currency account you may wish to transfer the home currency balance into the new foreign currency account. Do this by navigating to Banking and select New Bank Transfer. Enter the date to be the same as the “convert to” date selected for the conversion. Apply an exchange rate such that the home currency account will be emptied and the deposit in the foreign currency account will reflect the correct foreign currency amount.

If you have any outstanding foreign currency invoices or bills at your convert to date, then these will also have been converted at their home currency equivalent value. You may wish to edit (or void / delete then re-enter) these to correctly reflect the foreign currency values owed or owing. To edit them you’ll first need to create a new contact and whilst doing so choose the appropriate default currency in the defaults tab. You can then edit the invoice or bill contact and amount to be the newly created foreign currency contact and foreign currency amount. For further details on doing this click here.