How to enter opening balances in foreign currency?

Resolution

 

CAUTION: Use caution when working with the below product functionality. Always create a backup of your data before proceeding with advanced solutions. If necessary, seek the assistance of a qualified Sage business partner, network administrator, or Sage customer support analyst.

 NOTE: Until you exit history mode, you’ll only see the balances in CAD on the reports,

Step 1: Add a Foreign Currency >>
  • Pro version or higher, see How can I add a foreign currency?.
  • First Step version, the foreign currency isn’t available. Contact our Sales department at 1-888-261-9610 to upgrade to a higher version.
Step 2: Enter the bank account foreign balance >>
  1. Select an existing account or create a new bank account in the chart of accounts.
  2. Double-click on the bank account from your chart of accounts.
  3. Select the Class Options tab.
  4. Under Account Class, select Bank.
  5. Under Currency, choose a foreign currency.
    1. Note: You can't change currency if the account is a linked account
  6. Select the Account tab.
  7. Enter the opening balances in Canadian Dollars (CAD) and in the foreign currency in the bottom-right corner.
  8. Save and Close.

 Step 3: Enter the AR account foreign balance >>

  1. Double-click on the AR account from your chart of accounts.
  2. Enter the opening balance in CAD.
  3. Click Save and Close.
  4. Open the record of a client with an outstanding historical invoice.
  5. On the Options tab, make sure you select a foreign currency.
  6. Select the Historical Transactions tab.
  7. Click Invoices....
  8. Enter the invoice in the foreign amount and enter an exchange rate.
  9. Click Record.
  10. Save and Close.
  11. Repeat the process for every client with outstanding invoices in foreign currency.

 Step 4: Enter the AP account foreign balance >>

  1. Double-click on the AP account from your chart of accounts.
  2. Enter the opening balance in CAD.
  3. Click Save and Close.
  4. Open the record of a vendor with an outstanding historical invoice.
  5. On the Options tab, make sure you select a foreign currency.
  6. Select the Historical Transactions tab.
  7. Click Invoices....
  8. Enter the invoice in the foreign amount and enter an exchange rate.
  9. Click Record.
  10. Click Save and Close.
  11. Repeat the process for every vendor with outstanding invoices in foreign currency.

 Step 5: Finish entering history mode >>

  1. Until you exit history mode, you’ll only see the balances in CAD on the reports.
  2. Exit history mode when you've finished entering Historical transactions and opening balances.
  3. You’ll then be able to see the balances in CAD and in foreign currency.

 

 



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Solution Properties

Solution ID
222924650021878
Last Modified Date
Thu Apr 25 18:12:46 UTC 2024
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