Foreign Trader frequently asked questions

An approved set of current exchange rates is available from the HM Revenue & Customs (HMRC) website at http://www.hmrc.gov.uk This information is updated weekly, therefore we recommend that you check these exchange rates on a weekly basis, and use them to update Sage Accounts.

No, you can't change the base currency. Therefore, it's important that you select the correct base currency when setting up your company information in the ActiveSetup Wizard.

No, you can't revalue a foreign currency customer record or supplier record. The automatic revaluation posting accounts for any exchange rate fluctuations between a sales or purchase invoice and the transaction you allocate to it.

No, once you complete the Foreign Trader Setup Wizard you can't switch it off.

If there are transactions posted on the customer record or supplier record, you cannot change the currency of the account.

To change the currency, you must create a new record with the required currency. If you want all the account details on the new account you can use the Duplicate option.

• Select the account in the Customer List or Supplier List > Duplicate > enter the new account reference in the A/C box > Save > Close.

1. Settings > Control Accounts > Yes to close all other open windows.
2. From the drop-down list in the N/C box on Exchange Rate Variance choose a different nominal code > OK.

This occurs when there are unallocated transactions on the customer record or supplier record.

To resolve this you must allocate any outstanding transactions together:

• Bank > Customer or Supplier > click Pay in Full in the Payment or Receipt box for each transaction > Save > Close.

1. Modules > Customers > Customer List > Credit.

2. Enter the relevant details on the Batch Customer Credits window > in the Exchange Rate box enter 1.000000.

   Note: You must use an exchange rate of 1.000000 or lower for small values so the software can represent the value in the base currency and post the transaction.

3. Save > Close.
4. Bank > select the foreign bank account > Customer.
5. From the Account drop-down list choose the customer account.
6. In the Receipt box on the invoice and credit note enter 0.01 > Save > Close.