Sage 50 Foreign Currencies Setup, Add or Modify

This article has been compiled for those users who wish to set up, add and modify foreign currencies in Sage 50. Furthermore, the users will also learn about how they can add and update exchange rates for different types of currencies in Sage 50.

Before that is discussed, however, the user will also learn about the things that they need to take care of beforehand so that the process of setting up, adding, and modifying foreign currencies in Sage 50 is carried out smoothly.

How to Set up, Add and Modify Foreign Currencies in Sage 50

Before users can proceed to the process of setting up, adding, and modifying foreign currencies in Sage 50, there are a couple of things that the user needs to take care of so that the process of setting up, adding and modifying foreign currencies in Sage 50 can be done easily. These things need to be done before anything else so that there are no errors in the rest of the process.

The first thing that users need to do so that the process of setting up, adding, and modifying foreign currencies in Sage 50 can be done easily is that the user needs to turn on their foreign currency transactions in Sage 50. But before the user can even do that, the user must make sure to switch the mode of Sage 50 to single-user mode. None of the other two aforementioned processes can be completed without completing this step first.

To switch to single-user mode in Sage 50, the user can follow the steps mentioned below.

  • The first thing that the user needs to do if they wish to switch to the single-user mode is that the user must go to the ‘File’ menu, which can be found in the menu bar at the top of the home screen.
  • In the ‘File’ menu, the user then needs to select the option titled ‘Switch to Single-User mode.

After switching to the single-user mode, the next thing that the user needs to do is that they need to turn on their foreign currency transactions in Sage 50.

Steps to Turn on Foreign Currency Transactions in Sage 50

Following are the steps that the user must follow if the user wishes to turn on the foreign currency transactions in Sage 50.

  • The first click on the ‘Settings’ option, which is in the Setup menu in the home window.
  • In the ‘Settings’ menu, the user needs to proceed to select the option titled ‘Company’, and in the ‘Company’ section, the user then needs to select the ‘Currency’ option.
  • Now, the user will be required to enter the settings for their home currency. This will be done by the user in the ‘Home Currency’ section.
  • After entering their home currency settings, the user will see an option titled ‘Allow Transactions in a Foreign Currency.
  • The next step the user needs to select an expense account to track exchange and rounding differences.
  • Finally, After all the aforementioned steps have been completed by the user, the user can then simply press ‘OK’.

After completing the process, the user can then move on to carrying out the steps that need to be done if the user wishes to complete the process to set up, add and modify foreign currencies in Sage 50.

Steps to complete the process to set up, add and modify foreign currencies in Sage 50

  • The first thing user needs to click on the ‘Settings’ option, which is in the Setup menu in the home window.
  • Proceed to select the option titled ‘Company’, and in the ‘Company’ section, the user then needs to select the ‘Currency’ option.
  • The following step is only for the users who accept foreign currencies with their merchant account. If the user accepts foreign currencies with their merchant account, then the user must do the following setting. In the ‘Merchant Account’ column, the user is required to select that merchant account. This needs to be done so that the merchant account is selected automatically for payments that will be required to be made in that foreign currency.
  • The user can also easily link each merchant account with multiple foreign currencies.
  • The following step is also optional, but users can also enter the exchange rate for the relevant foreign currency in Sage. Here’s how users can enter the exchange rate for the relevant foreign currency in Sage:
    • The first thing click on the ‘Settings“.
    • Proceed to select the option titled ‘Company’, and in the ‘Company’ section, the user then needs to select the ‘Currency’ option.
    • Click on the option titled ‘Exchange Rate’.
    • Must select from this list the currency that the user wishes to update.
    • To view the current exchange rates of the currencies, the user needs to click on the option titled ‘Currency Exchange Website’.
    • Now, the user is required to first click the ‘Date’ option and then the user must enter the new exchange rate on a new line in the table that is in front of them.
    • Finally, the user can click ‘OK’ and their foreign currency will have been added to Sage successfully.

Users are also permitted to modify the appearance of a foreign currency. Furthermore, users can also modify the appearance of multiple currencies in Sage 50. Doing these things is a very straightforward process that does not require much time or effort.

Steps to Modify the Appearance of a Foreign Currency- One foreign currency

  • The first thing click on the ‘Settings’ option, which is in the Setup menu in the home window.
  • Select the option titled ‘Company’, and in the ‘Company’ section, the user then needs to select the ‘Currency’ option.
  • Now, the user will see a list of all the settings that the user can configure themselves if they wish to modify the appearance of a foreign currency.
  • Euro (€): ALT+0128
    • Symbol Position: Leading (in front of the number) or Trailing (behind the number)
    • Thousands Separator
    • Decimal Separator
  • Finally, the user can press the ‘OK’ button, and the user will have modified the appearance of one foreign currency successfully.

Following are the steps that the user must follow to be able to modify the appearance of multiple foreign currencies.

  • The first thing click on the ‘Settings’ option, which is in the Setup menu in the home window.
  • Select the option titled ‘Company’, and in the ‘Company’ section, the user then needs to select the ‘Currency’ option.
  • Now, the user will see a list of all the settings that the user can configure themselves if they wish to modify the appearance of multiple foreign currencies. The user can change the settings for one, more than one, or all of the items in that list to modify the appearance of multiple foreign currencies:
    • Symbol: The user needs to enter the symbol of the currency that they are dealing with. If by chance the user doesn’t have the symbol in question on their keyboard, then, in that case, the user can use the following keystrokes and the symbol will appear for them:
      • Dollar ($): ALT+036
      • Pound (£): ALT+0163
      • Yen (¥): ALT+0165
      • Euro (€): ALT+0128    
    • Symbol Position: Leading (in front of the number) or Trailing (behind number)
    • Thousands Separator
    • Decimal Separator
  • Finally, the user can press the ‘OK’ button, and the user will have modified the appearance of multiple foreign currencies successfully.

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