Currencies and exchange rates

Find this screen

Open: Settings > Organisations and Financial > Currencies and Exchange Rates.

How to

Enter exchange rates

The exchange rates entered here are used by default for all foreign currency transactions. You can change the exchange rate on an individual transaction but this does not update the default exchange rates.

For the Euro

Enter the exchange rate in the 1 Euro equals column for your base currency The operating currency used by your company and the Nominal Ledger; other currencies are regarded as a 'foreign currency'..

Euro exchange rates are entered as Euro to base, e.g. €1 = £0.87.

For other currencies

Enter the exchange rate in the 1 £ equals column.

Enter period exchange rates

You can also enter exchange rates in date ranges. Any transaction that falls into this date range will use the listed exchange rate.

Prerequisite

Go to the Settings tab and ensure that the Rate Type column for the currency is set to either Period or Single & Period.

For the Euro

On this tab:

1. Select your base currency.
2. Click Add in the Period exchange rates to Euro table.
3. Enter the Expiry date.
4. Enter the exchange rate.

For other currencies

On this tab:

1. Select the currency.
2. Click Add in the Period exchange rates to £ table.
3. Enter the Expiry date.
4. Enter the exchange rate.

Set up a new currency

• Click Add Currency and enter the details on a new line:

  ISO Code	The three letter international code for the currency.
  Base	Your company's main currency of business. All your nominal ledger transactions are stored in this currency. You chose your base currency when you first set up Sage 200. As long as you haven't entered any transactions, you can change your base currency here. Click Change Base currency and choose the currency from the list. Note - warning To be compliant with legislation and produce and accurate VAT return, we strongly recommend using the following combinations of country code and base currency in Sage 200: UK: VAT country code GB - Great Britain, and base currency GBP - Pounds Sterling. Ireland: VAT country code IE – Ireland, and base currency EUR - Euro.
  Rate Type	Choose whether the currency uses single or period exchange rates or both.
  Used for New A/Cs	Makes this currency available on customer and supplier accounts. Clear this option if you don't want this currency to be used in future. You can't delete a currency once it's been used, so this makes sure that you don't accidentally set up new customer and supplier accounts with this currency.

Check Supplier Payments exchange rates

If you use Supplier Payments, you can check the current exchange rate for a currency in the Supplier Payments column.

You can also check exchange rates on the Supplier Payments Dashboard.

Open: Suppliers > Enter Transactions > Supplier Payments Dashboard.

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Useful info

Using 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.

To use period exchange rates:

1. Choose the currencies that will use a period rate on the Settings tab.

2. Enter the Expiry date for each period and the exchange rate to use.

3. Choose which customers and suppliers use the period rate. Just select Period Exchange rate when you select the currency on an account.

4. 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.

When a transaction is entered, the transaction date and the exchange rate expiry date are used to calculate which period exchange rate to use. If a transaction date falls after the last exchange rate set up, the transaction uses the latest period exchange rate available.

Processing foreign currency transactions

Sage 200 can hold the details of up to 100 currencies. One is your base currency. The remaining currencies are those that your customers and suppliers use.

When entering transactions in a foreign currency:

• The default exchange rate is taken from the Exchange rates tab.

  You can change the exchange rate by clicking when you enter a transaction.

  

• The exchange rate is used to convert your foreign currency transactions into your base currency.
• When processing sales orders, you can choose whether to use the exchange rate set when entering a sales order, or when printing an invoice.
• Transactions are automatically revalued when they are fully or part allocated to a receipt or payment. Any losses or gains made from the fluctuations in exchange rates are posted to your Exchange Rate Differences nominal account. This is set in the Default Nominal accounts.
• Transactions are posted to the Nominal Ledger in your base currency.
• You can choose to revalue outstanding amounts on your customer and supplier accounts.

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What happens when

I change the exchange rate?

• The new exchange rates are used for new transactions.
• New currencies are added.

The Supplier Payments exchange rate fluctuates?

The Supplier Payments exchange rates apply during each business day and are updated daily.

Provided your payment instruction is valid and approved, and your account is sufficiently funded to cover the payment at the time you submit your instruction to us, you will receive the exchange rate that applies when you submit that instruction.

If your instruction is rejected for any reason and you need to resubmit it, you will receive the exchange rate that applies at the time when you resubmit your instruction.

In an extreme case of market volatility, we reserve the right to withdraw one or more currencies from our International Payments service.