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multi currency company

  • 10-06-2010 3:20pm
    #1
    helper11
    Closed Accounts Posts: 21 ✭


    Hi

    90% of our sales and products are invoiced and paid for in dollars with no vat. We have the usually euro expenses light heat, rent etc. We are trying to to sort out a new accounting package, sage 50 professioanl. are we better using dollar as the base currency as we need to be able to issue pos, invoices, statements etc in dollar and for the euro expenses put in a dollar rate at the start of the year and see what the dollar rate is then at the end of the year and do a revelautaion. the only issue I can see is with vat but we can keep a separate spreedsheet for that as its always a refund and its only twenty invoices every two months. any help would be great.


Comments

  • #2
    AndyJB
    Closed Accounts Posts: 177 ✭✭AndyJB


    helper11 wrote: »
    Hi

    90% of our sales and products are invoiced and paid for in dollars with no vat. We have the usually euro expenses light heat, rent etc. We are trying to to sort out a new accounting package, sage 50 professioanl. are we better using dollar as the base currency as we need to be able to issue pos, invoices, statements etc in dollar and for the euro expenses put in a dollar rate at the start of the year and see what the dollar rate is then at the end of the year and do a revelautaion. the only issue I can see is with vat but we can keep a separate spreedsheet for that as its always a refund and its only twenty invoices every two months. any help would be great.

    Hi,
    Does Sage not allow you setup an account and/or nominal code with a different currency code? Give Sage support a bell. Their VAT reporting would be v-handy.

    Best of luck


  • #3
    Mr Clonfadda
    Registered Users, Registered Users 2 Posts: 372 ✭✭Mr Clonfadda


    Hi Helper11

    You should be setting up Sage 50 with Euro as the Base Currency as you have to report to Irish Revenue in Euros. If you go into modules and wizards in Sage 50 professional you can run the Foreign trader setup Wizard. Once this is done you will be able to maintain different customers in different currencies

    Regards


  • #4
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    If you haven't already invested in Sage have a look at Xero which I find very very simple to use multi-currency as it offers real time currency conversions

    http://www.xero.com/multi-currency/


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