You can set up Sage Simply Accounting to allow transactions in a foreign currency. Using the program, you can convert between your home currency and the foreign currency when performing many transactions.
Sage Simply Accounting also allows companies to use more than
one foreign currency.
Exchange rates are stored in the program in a exchange rate table. The table saves the exchange rates you have entered for up to two years. You can enter one exchange rate per day.
When you create a transaction, such as a purchase invoice, Sage Simply Accounting looks to this table and automatically enters the rate that is closest to the transaction date (the date itself or a date before the transaction date). At this time, you can also choose to use a different exchange rate for the transaction.
Note: Changing a rate in the exchange-rate table will not affect transactions that you have already processed. If you need to change the rate for a processed transaction, adjust or void the transaction.
There are several ways to make sure you are using the latest exchange rates:
If you process many low-value transactions daily, you might prefer to use a weekly or monthly average exchange rate if the currencies you exchange are stable.
If you process fewer, high-value transactions, you should set an exchange rate on the day you expect to exchange the currency.
Note: If you choose to use an average exchange rate to convert your transactions in foreign currencies, you must later adjust your foreign currency accounts into home currency funds at the prevailing rate of exchange at the end of your fiscal year.