If you have customers or vendors that reside in another country, Sage Simply Accounting can be set up to account for operations in a foreign currency. This allows you to create foreign currency bank accounts, add foreign prices to your inventory and service items, pay bills and receive payments without having to manually convert the amounts to or from another currency, and display reports with amounts in both the foreign currency and the equivalent in your home currency.
Note: You can set up as many currencies as you need starting with the Premium version.
Turn On Foreign Currency Transactions
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
Before you can perform this task
Switch to single-user mode (Starting with the Premium version)
To set up foreign currencies in your company:
In the Home window, on the Setup menu, choose Settings.
On the left side of the window, click Company and then Currency.
In the Home Currency section, enter the settings for your home currency.
Select the Allow Transactions in a Foreign Currency option.
Select an expense account to Track Exchange and Rounding Differences.