Euro Bank account

sjkrsjkr Feels At HomeMAAT, AAT Licensed Accountant Posts: 74
Hello,

I have a client using Sage Instant Accounts for book-keeping. They have recently opened a Euro bank account, which they would like to include in the accounts running alongside their Sterling bank account. Is this possible in Sage Instant? If so, how? I cannot see how to change the currency on a bank account. Any advice would be appreciated!

Julie

Comments

  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    I don't think it will be possible, I think in Sage 50 multi-currencies (foreign trader) has to be purchased as an add on so I'd be surprised if it's available in Instant. How many transactions are we talking about? Would it be possible to convert each transaction to the sterling equivalent and run it in sterling? In 50 you can set the exchange rates and then when entering payments/receipts press f5 to convert.
  • sjkrsjkr Feels At Home MAAT, AAT Licensed Accountant Posts: 74
    Thanks, after some more research I came to the conclusion I was going to have to convert everything to sterling to do it (I somehow expected Sage to be a bit cleverer than that!)

    There's not a horrendous amount of transactions, will just have to work some extra hours this week to get it sorted out. Luckily Instant also lets you set the exchange rate and press 5 to convert so it's not all bad.
  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    In order to check you've entered the euro amounts correctly you could prepare a manual reconciliation in excel. In sage I enter the currency amount in the details ie. é100.00 then download the transactions to csv and perform a text to column conversion on the details column so that excel can recognise the data as numbers then you can perform a reconciliation in euros. Hope that helps.
  • sjkrsjkr Feels At Home MAAT, AAT Licensed Accountant Posts: 74
    Thanks again, that might be very useful - I've got quite a bit on there now. Seems to be working but I haven't attempted a reconciliation yet!
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