Forum

• # 113783
• Mon 12 Sep 2016 08:36 AM

Hi all,

I'm having trouble understanding how to process supplier invoices that are in foreign currencies. Some invoices are USD and others EURO. When posting the invoice onto sage, how do I work out the GBP conversion? Secondly. I don't deal make the payments, but I record them on sage from the bank statements. When the payment has been made at a different amount/conversion rate, how do I rectify the original invoice?

Thanks in advance.

• 
  Quote
  

• # 113788
• Mon 12 Sep 2016 02:14 PM

Hi Dominic

You don't say what version of Sage you're using. Some have have modules that will calculate the value of the invoices using a exchange rate you have already pre set. When payment is received or made, any differences are posted to an account in the nominal ledger (around 7900ish) called exchange rate variance.

For clients that don't have the foreign exchange rate module, I use a foreign exchange website called Oanda to calculate the invoices in Sterling & again post any exchange rate differences to the exchange rate variance nominal account.

I hope this helps!

Regards

Hazel

• Hazel

• 
  Quote
  

• # 113797
• Wed 14 Sep 2016 01:27 PM

Hi Hazel,

The software is Sage 50 essentials v22. Could you tell me if the process is automatic or not? If manual, would appreciate instructions how to process manually.

thank you,

dominic

• 
  Quote