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How to activate foreign trader

Written by Pimbrook Support on .

Many businesses trade in different currencies. In Sage Accounts, the Foreign Trader option makes this easy.

The option is available as standard in Sage 50 Accounts Professional and Client Manager. In other variants of Sage 50 Accounts and Sage Instant Accounts 2014 (v20) and above, Foreign Trader is available as an add-on.

How to activate foreign trader

 

Before you can start using Foreign Trader, you have to activate it in your software:

To activate Foreign Trader in Sage Accounts 2014 (v20) and above

  1. Tools > Activation > Enable Foreign Trader.

Sage Accounts Plus and below – you maybe prompted to enter your Foreign Trader serial number and activation key.

  1. OK > Next.
  2. Revaluation N/C box > enter a nominal code for the revaluation control account.

This is the nominal code to be used by Sage 50 Accounts for the automatic revaluation postings that correct any fluctuations caused by exchange rate differences when processing foreign currency transactions. If you’re using the Sage default nominal structure, by default this is nominal code 7906 – Exchange Rate Variance. If you’re already using this nominal code and there are transactions associated with it, this box is left blank for you to enter an alternative nominal code. This nominal code can be changed from Settings > Control Accounts.

  1. Update method drop-down list > choose how the currency records update when you enter an exchange rate for a transaction from one of the options below.
Always Prompt to save exchange rate changes When you enter an exchange rate, this option prompts you to save the exchange rate to the currency record.
Automatically save any exchange rate changes to currency record When you enter an exchange rate, this option automatically saves the exchange rate to the currency record, without warning.
Never save any exchange rate changes When you enter an exchange rate, this option doesn’t save the exchange rate to the currency record. If you select this option and want to update your exchange rates, they must be entered manually in Settings and then Currencies.
  1. You can change this after you complete the Foreign Trader Setup wizard from Settings > Invoice & Order Defaults > General tab > select the Currency Exchange Rates drop-down list > choose which method you want to use.
  2. Next > Finish.