Add a Foreign Vendor

To set up your company to conduct business in a foreign currency

Step 1: Add exchange gain/loss account for foreign currencies

Step 2: Set up foreign currencies

Step 3: Add foreign currency bank accounts

Step 4: Choose linked accounts for foreign currency transactions

Step 5: Set method of pricing inventory and service items

Step 6: Add foreign prices to  inventory and service items

Step 7: Add foreign vendors

Step 8: Add foreign customers

When working with foreign currencies, you cannot change the currency associated with existing vendors: enter a new vendor record instead. When adding foreign vendors, you should also consider whether to track import duties for them.

Note: Do not select the currency when entering the invoice. Depending on whether you select a foreign vendor, Sage Simply Accounting automatically uses the appropriate currency on the invoice. Therefore, you cannot assign a foreign currency to a one-time vendor.

To add a foreign vendor:

  1. Create a new vendor record. How?
      1. In the Home window, click Vendors & Purchases on the navigation pane.
      2. In the Tasks pane, right-click the Vendors icon and select Add Vendor from the menu.
  2. Type the vendor's name in the Vendor box.
  3. On the Options tab, select the currency to use for transactions with this vendor.
  4. On the Sales Taxes tab, select the Sales Tax to add to your purchases from this vendor.

    5. Typically a foreign vendor will not charge you their local sales taxes, but you will probably have to pay duty, tariffs, or taxes when your purchases are processed by your country's customs agency.

    If you have turned on import duty tracking and selected an account to track it, you should enter such charges to the rate of duty that you set up in your item records. Otherwise, you can set the sales tax rate to your local rate on this tab and edit it if you need to when you enter an invoice. For more details, contact your local tax and customs authorities.

  5. Click Save and Close.