Hi,
I have two foreign bank accounts set up (by my predecessors) in Sage - a USD account and a EUR account. Now that I've reconciled the accounts, I can see that while the currency balance is correct, the 'base' GBP balance is not. I assume this is to do with currency settings somewhere but I have looked under the currency section within the Settings menu and the correct rates appear to be being used. Where else should I look?!
Thank you.
Replies (12)
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You just need to reconcile the two balances to see where the discrepancy has arisen. Start from when the balances were last in agreement. No substitute for rolling your sleeves up.
When you run the Foreign Bank Revaluation
under 'Bank', top left menu, you have to enter the rate at which you wish to revalue; it does NOT pick up the current rate from the currency settings!
You may have misunderstood. The two balances I said you should roll your sleeves up and reconcile were the currency and sterling equivalent balances at the same date. The problems may well stem from changes in the exchange rate Sage is told to use. Obviously these need to be tweaked over time, and perhaps the consequential exchange adjustments have not been put through as they should have been. Just a thought.
I was not talking about reconciling the currency balance in Sage to the bank statement, as you seem to have assumed.
Agree with Richard
I have a number of clients who use multi-currency bank accounts. Although the bank statements are reconciled on a monthly basis, if they do not use the revaluation wizard then the GBP equivalents are a nonsense if there are huge fluctuation in exchange rates. As Richard has advised, you simply need to run the bank revaluation wizard on all the currency bank accounts and take the currency adjustments cr/dr on the chin!
sounds like
Sorry to sound patronising but are you sure you have got the decimal point in the correct place OR are you using the inverse rate by any chance?
As I said, what you have to do is roll your sleeves up and find the differences, then account for them.
Check dates
Does the $4.70 balance include any transactions after the date at which you are revaluing?