Or accountant would like us to set up Foreign Exchange in our books. We have already closed 2019 and Posted for Jan 2020.
98% of our inventory is US$
We sell to both CDN and US customers
In the past I prepare a year end JE to convert the US$ Sales, Bank, AR, AP to CDN. Which I guess could be done within Sage if FX set up.
One problem is we sometimes Pay our US$ customer out of our CDN bank account via Western Union, as we don't always have enough US$ in the US$ bank account. At that time I take the diff between US and CDN and book the FX to our COGS directly. So if I set up FX to use in Sage I am not sure how I would account for the Payables that are sometimes paid from out CDN bank account.
Thanks