Set up foreign currencies

To use foreign currencies in your business you need set up the following:

  • The currencies you trade in and exchange rate for each one.
  • Your foreign currency bank accounts if you use them and their linked nominal accounts.

    This is not mandatory as you can post foreign currency transactions to a base currency bank account.

    If you do have foreign currency bank accounts, you'll need to set these up in Sage 200. We recommend that you link each one to separate a nominal account. This makes it easier for you to keep track of your bank accounts balances.

  • Supplier and customer accounts in the currency in which the applicable organisation trades.

What do you want to do?

Add a foreign bank account to your system

Add foreign customer or supplier accounts

Next steps

After performing the set up described above you can maintain the exchange rates on your currencies, process foreign purchases and sales, and revalue your foreign bank accounts, supplier and customer accounts.