Currencies and Exchange Rates (Configuration Assistant)

Find this screen

Open: Configuration Assistant > Currencies and Exchange Rates.

How to

Add a new currency

Click the Start or Edit button on the Currencies and Exchange Rates panel.
On the Currencies and Exchange Rates defaults information screen click Change Settings.
On the Currencies and Exchange Rates screen go to the main panel and enter the details of the new currency:
1. Type the symbol that is to represent the currency throughout the system.
2. Type the name of the currency.
3. Select the ISO code of the currency.
4. Select how the exchange rate is to be calculated. Options are:
  - Single - a single, stated, exchange rate always applies.
  - Period - exchange rates apply for stated periods of time.
  - Single and period - both a single rate and period rates are specified for the currency. You can indicate on individual customer records which of the two is to be used for their transactions.
Enter the exchange rate or rates that will be used to convert transactions to your base currency:
1. If a single rate applies enter the single rate.
2. If a period rate applies define the periods of time and the applicable rates.
3. If both single and period rates apply enter both the single rate and define the period rates.
Click Save or Save and Mark as Complete.

Enter currency 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

When your base currency is Pound Sterling

If your base currency is Pound Sterling the process to specify period exchange rates differs depending on whether you are setting them up for the Euro or for other currencies:

When your base currency is Euro

Go to the currency in the main table and select either Single & Period or Period from the Rate Type list.
Click into the Expiry Date column in the Period exchange rates to £ panel.
Enter the Expiry date.
Enter the exchange rate.

Useful info

Currencies and exchange rates

Use this panel to set up the currencies you use in your business. These are the currencies:

your company uses to conduct its business and which you want to use in your reporting. This is your base currency.
used by your suppliers.
used by your customers.

You also set up the exchange rates that Sage 200 will use to convert foreign currencies to your base currency.

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.

The default currencies and exchange rates we have set up for you

We have set up and configured a number of currencies and exchange rates for you. When you come to this panel you will find:

there are three currencies already detailed on the screen:
- Pound Sterling.
- Euro
- US Dollar
The base currency is set to Pound Sterling.
The exchange rate for Euro and US Dollar to Pound Sterling is 1.00.

If you perform all your business in Pounds Sterling and do not post transactions in foreign currencies you can accept these settings and mark this panel as complete.

What happens when

What happens when I save and mark this panel as complete?

When you finish adding information and click Save and Mark as Complete, the panel is marked with a tick to indicate that you have completed this step.
While you remain on the Configuration Assistant, you can return to this panel to add or amend any of the details you have entered.