Maintain exchange rates

Once the currency information is set up, you can enter the exchange rate values on the Exchange Rates tab.

The exchange rates displayed here are used for all foreign currency processes. You can change the exchange rates when entering individual transactions, as long as the currency is Amendable. When you enter transactions, changes made to exchange rates do not update the exchange rates entered here. You can only update the exchange rates if you choose Edit exchange rates when printing invoices and credits in the Accounting System Manager Operational settings tab. If you have selected this, you can choose to save the new exchange rate, when you print the invoice or credit note.

Note: The most up-to-date exchange rates are available on the Internet (e.g. from www.xe.com). Exchange rates may change on a daily basis so you should identify your own best method of updating them regularly in Sage 200. This could be daily or weekly. The more often you update the exchange rates, the more accurate your foreign currency trading transactions will be.

If you use Supplier Payments, you can check the current exchange rate for a currency in the Supplier Payments column. You can also check these rates on the Supplier Payments Dashboard.

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.

To maintain exchange rates

Open: Accounting System Manager > Settings > Currencies and Exchange Rates | Exchange Rates.

  • Single Rate Types

    For non-euro currencies, enter the exchange rate in the 1£ equals column. If the currency is fixed to the Euro, through triangulation, enter the Euro exchange rate in the 1 Euro Equals column.

    For the Euro, enter the exchange rate in the 1 Euro Equals column for your base currency. A euro to base calculation is always used, e.g. 1 Euro= £0.87.

  • Period Rate Types

    You set up a rate and an expiry date for the rate in the Period Exchange rates to £ box for non-euro currencies. You must also set the rate and expiry date in the Period Exchange rate to Euro for the Euro or for currencies fixed to the Euro, through triangulation. You can add as many period exchange rates as you need.

    1. Click Add to create a new line.
    2. Enter the Expiry date.
    3. Enter the exchange rate in the 1 £ Equals or 1 Euro Equals column.
  • To delete a period exchange rate, select the row and click Delete.
  • To print all exchange rates, click Print.
See also

Overview

Foreign currency processing

Other tasks

Triangulation of currencies

Set up currencies

View history of currency exchange rates

Reference

xe.com website (www.xe.com)