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Foreign Trader

A lot of companies trade with customers and suppliers outside of the UK, if you activate Foreign Trader you can process customer, supplier and bank transactions in the relevant foreign currencies using the latest exchange rates. This means you can record the correct values and print the invoices and orders in the correct currency.

Foreign Trader is free in Sage 50 Accounts Professional. For Sage 50 Accounts Plus and below you must purchase Foreign Trader as an add-on.

When you complete the Foreign Trader Setup wizard you can change the currency on Customer, Supplier and Bank records. It also activates the Foreign Bank Revaluation wizard which you can use to correct the base currency on any foreign bank accounts.

Note: You can't activate Foreign Trader if you are using the Construction Industry Scheme, as this scheme is only relevant to those in the UK.

Some processes in your software only deal in your base currency, such as journals, credit charges or write offs.

To activate Foreign Trader

1. Tools > Activation > Enable Foreign Trader > Next.
   
   Accounts Plus and below - You must enter the Serial Number and Activation Key you were provided with when you purchased the Foreign Trader add-on > Next.

2. Enter a nominal code for the Revaluation Control Account.
3. Choose how you want the software to prompt you when you change the exchange rate > Next > Finish.

To set up currencies and exchange rates

1. Settings > Currencies > select the required currency > Edit.
2. Amend the details as required > OK.

Note: For the euro currency you can only amend the exchange rate, enter the required rate and to save any changes, click Close.

To set up customer and supplier records

Note: If the customer or supplier record has had transactions posted to it you can't change the currency, you must set up a new record.

1. Customers or Suppliers > double-click the required customer or supplier.
2. Defaults > from the Currency drop-down list, choose the required currency > Save > Close.

To set up bank records

Note: If the bank record has had transactions posted to it you can't change the currency, you must set up a new record.

• Bank > double-click the required bank account > from the Currency drop-down list, choose the required currency > Save > Close.