Welcome to the Sage 50 Canada Support Group on Community Hub! Available 24/7, the Forums are a great place to ask and answer product questions, as well as share tips and tricks with Sage peers, partners, and pros.
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Hi, I am trying to figure out if it is possible to run a report to show Deposits exclusively into my US$ account for Reconciliation purposes.
Every time I do this it auto converts the amounts to CAD $ based on my exchange rate entered.
This is causing…
Dear Community,
I am only working with SAGE 50 for two weeks and are supposed to create the new year for 2024. However, the system won't let me do this and refers to the error messag below. The issue might be caused by using different currencies, however…
We are trying to change the currency for one of our suppliers. The instructions on how to do so are very clear however the currency box is greyed out in single user mode and even if I log in as system admin it will not let me change it. We also want to…
It would be very helpful to include the option to add a column that shows the foreign currency amounts in a customer sales report (summary and detail).
Do you work with multiple currencies and need your accounting software to update foreign exchange rates automatically?
Sage 50 CA & Foreign Exchange rates
You may have noticed that Sage 50 CA requires a manual update of foreign exchange rates. Currently…
Hi,
We have sales in US and CAD. For the Sales Report by Customer : Is there a way to have the information in foreign currency, instead of CAD.
Thanks.
We have a secondary USD Petty Cash, account that should be at $0.00, which it is showing that in CAD side, but the foreign balance is showing -1952.78. How do I clear out the foreign balance but keep Canadian at $0.00?
The Foreign Exchange Rate Table (in Settings) is changing the user-entered exchange rate to a previous rate, without user intervention! New transactions then pick up the wrong rate; currently we are checking each transaction as entered. Sage Technical…
I am starting a new company. I am trying to enter the Accounts Payable balance from my previous. I use CDN as my home currency and USD as my foreign. I'm unable to enter both balances under Accounts Payable. I have set up the Foreign Currency account…
Hi,
Our home currency is CAD. We have a USD bank account and a Euro bank account. We transferred funds from USD to Euro. How to best handle this transaction?
Thank you
If a currency is not an option in Simply Accounting. Is there any way to add a new currency?
e.g. I want to make a new bank account in Bahamian Dollars.
Thanks!
Good day,
I use Sage 50 Premium 2018 (Canadian Edition) and it does 99% of what I need it to do for my small business.
Things it doesn't do that could benefit me (as well as other users I'm sure) are:
1) Allow multiple addresses for the same…
Jay Noden said: The balance in the GL account for the US$ bank account is nowhere even close to what appears in the Sage50 bank reconciliation.
The CAD home currency value on the G/L is the sum of all the home currency amounts from each transaction…
dlmoir said: the running balance (which in that setting is shown in the home currency of CDN) reflects calculations being done with completely different (and reversed!) FX rate. And the balance sheet displays the same error. That is, the math of the DR…
We have a USD account for Paypal. We enter the relevant date and exchange rate in the list used for that purpose (under Settings / Company / Currency). For example, at 30 Dec 2016, the Bank of Canada rate is C$1.3427 = USD$1.00, and in the FX list, we…
I operate in CAD but purchase some inventory from suppliers that invoice in USD. Previously invoices from USD suppliers were being input as CAD with the exchange being calculated manually. I have setup duplicate suppliers with a US identifier and set…
MarcieD said: I just completed the Year End Adjustments from our accountant last week. One was for adjusting the USD account for an exchange gain as of the Bank of Canada's spot rate on July 31st.
Because foreign accounts are sort of a 2-in-1 (a CAD…
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
- Warren Buffett
One of the more perplexing things we hear from our customers has to do with foreign exchange.
Basically, when you have bank accounts in Canadian dollars as well as…
Hi Bettina,
You may want to follow the KB article below to setup the USD customer/vendor and then key in the USD invoices.
14538 - How to create invoices using USD or other foreign currencies?
Hope this helps.
Hi All
I have 2 companies, both deal with US and Canadian currencies. I want to sell US dollars from one company to the other in exchange for Cdn dollars. What should the transactions look like? Also, I'm assuming HST is not charged on these types of…
HST is calculated the same, regardless of which currency you are invoicing in - Use the noon Bank of Canada reported exchange rate for the date of the invoice.
i.e. if you invoice $1,000 USD, and the exchange is 1.10 CAD : 1.00 USD, then you have effectively…
Sage 50 accounting is designed with a general ledger and sub-ledgers such as accounts payable, accounts receivable, payroll… When an account is not available in the general journal transaction window, it’s because it may be linked with one of the sub…
Any prepayments?
Those are posted to a liability account, even if the account balance for the customer nets to a collectible asset.
Also check that all receipts were posted to the correct bank account.
