Sage Euro Postings

kerrifletcher29

I have a Euro Supplier and their account has been set up as a Euro account, we only have a sterling bank account so have paid them in sterling.
How do i post the Sterling payment onto their account if the account and invoices are in Euro.

This may be a simple transaction but cant seem to get my head around it.

Any help would be great :001_smile:

wbauk2002

Hi

No you will post to your accounts the sterling with the amount that came out the bank, when you posted the invoice you should have got an exchange rate for the day of the invoice, there will be a difference due to exchange rates going up and down so add a new invoice for the differnce or a credit note depending on which way it is, and put to p&l under exchane rate gain loss

samiur

You can do this in a different way. You have to set up Suspense Euro bank account in sage. Then make a payment to the euro suppiler provided that that supplier account should be set up in Euro. When you ask your bank to pay the supplier in Euro , then your bank will debit your bank account with equivalent sterling amount to pay the euro supplier. the you will get the sterling figure from the bank and shown on your bank statement. then you devide the sterling amount with teh Euro paid amount and come to know which exchange rate bank used. Because bank has different exchange rate , not the market ket. Then transfer the sterling amount from the sterling bank account to the Euro suspense bank account using the exchange rate used by the bank. Then suspense account will become zero and exact amount of sterling figure shown in your sage . So, no problem for bank reconciliation or make addition invoice or credit note. I think this is the best way.