Manage currencies and exchange rates

Sage 200 can hold the details of up to 100 currencies. One is your base currency, the currency you use to conduct your business and the remaining are the currencies in which your customer and suppliers operate.

Sage 200 also stores exchange rates for all the currencies you've set up. These exchange rates are displayed when you enter transactions. For some process the exchange rate stored in Sage 200 is used automatically.

When Sage 200 uses exchange rates

When you operate foreign bank accounts and/or conduct business with suppliers and customers who operate in foreign currencies, Sage 200 uses your exchange rates to for the following tasks:

Customer accounts

As you enter a customer invoice Sage 200 uses either the single or period rate (whichever is specified on the customer account) of the currency to calculate the value of the invoice in your base currency. You can change the exchange rate, if required.
As you enter a foreign currency receipt, Sage 200 displays the single or period rate (whichever is specified on the customer account) for the currency to calculate the value of the payment. You can change the exchange rate, if required.
When you allocate a customer invoice to related receipts, Sage 200 automatically works out the exchange gain or loss when the exchange rate applied to the invoice is different to the exchange rate applied to the receipt.
When you revalue a customer account Sage 200 uses the exchange rate of the currencies linked to the accounts being revalued.

Supplier accounts

As you enter a supplier invoice Sage 200 uses either the single or period rate (whichever is specified on the supplier account) of the currency to calculate the value of the invoice in your base currency. You can change the exchange rate, if required.
As you enter a foreign currency payment, Sage 200 displays the single or period rate (whichever is specified on the supplier account) for the currency to calculate the value of the payment. You can change the exchange rate, if required.
When you allocate a supplier invoice to related payments, Sage 200 automatically works out the exchange gain or loss when the exchange rate applied to the invoice is different to the exchange rate applied to the receipt.
When you revalue a supplier account Sage 200 uses the exchange rate of the currencies linked to the accounts being revalued.

Foreign currency bank accounts:

When you revalue the balance of your foreign bank accounts to see their current value Sage 200 uses the current rate for the currency of the bank account.

Currencies can have multiple exchange rates!

Each currency can have two exchange rates listed - a single rate and a period rate. When a currency has both types of rate set you choose which of the exchange rates is to be used on each customer and supplier account.

You can also change the exchange rate that is to apply whenever you enter a transaction against individual customer and supplier records or when performing a revaluation.

Single exchange rate

You specify and maintain the single exchange rate against each currency.

The single rate is used for transactions on customer and supplier accounts that have been set to use single rates and is also the suggested rate when you perform a foreign bank revaluation.

Period exchange rates

Period exchange rates allow you to have more control over the exchange rates that are used to convert your foreign currency transactions. They can also be useful if you want to use the period rates provided by the HMRC.

Choose Single & Period as the rate type for the currency, if you want to decide which exchange rate to use per customer or per supplier. This is useful if you have agreed an exchange rate with an individual customer.

You enter an end date for each period and specify the exchange rate that is to apply during that period. Sage 200 uses the singe rate when there is no period rate specified.

Whether the customer or supplier uses single or period exchange rates you can always override the exchange rate on individual invoices, payments and revaluations and manually enter the exchange rate to be used.

To use period exchange rates:

Choose the currencies that will use a period rate on the Currencies and Exchange rates screen tab.
Enter the Expiry date for each period and the exchange rate to use.
Choose which customers and suppliers use the period rate. Just select Period Exchange rate when you select the currency on an account.
When you enter a transaction for a customer / supplier account using a period rate, the transaction date and the exchange rate expiry date is used to work out which exchange rate to use. This can still be changed per transaction if required.

If a transaction is entered for a date where no exchange rate has been set, the exchange rate for the last period is used.

What do you want to do?

Set up a new currency

Set up a single exchange rate

Set up a period exchange rate