Choose Linked Accounts for Foreign Currency Transactions

ClosedTo 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: Link a currency to a credit card to track customer credit card sales (Sage 50 Premium Accounting)

Step 6: Set method of pricing inventory and service items

Step 7: Add foreign prices to inventory and service items

Step 8: Add foreign vendors

Step 9: Add foreign customers

After you have added a foreign currency bank account, you can choose the linked accounts you want to use to track foreign currency transactions. Later, you will set up your inventory pricing, and add foreign vendors and customers.

To select a linked account for foreign currency transactions:

  1. In the Home window, from the Setup menu, select Settings, the module you want to change the account for (for example, Vendors and Purchases), and then Linked Accounts.
  2. Select the bank account to use for each of the currencies you have set up. If you have not yet added a bank account, you can add it now by clicking the Finder . Select Add a new account, and then click the Select button. Follow the instructions to add the account. For more detailed help, see the previous step: Add Foreign Currency Bank Accounts.
  3. Click OK.