Foreign Exchange Company as a supplier

Foreign Exchange Company as a supplier

Didn't find your answer?

We use SAGE 50 Pro v22.  We have just started to use a Foreign Exchange company for buying $ USD.  I am not sure if I should enter them as a supplier or create a deposit account for them as we transfer from £ to them and they send $ USD amount credited to our $ account.  Many thanks.

Replies (2)

Please login or register to join the discussion.

Routemaster image
By tom123
24th Oct 2016 14:46

I would imagine setting up as a 'bank' would offer more flexibility in processing the transactions.

If you had them as a supplier, then, amongst other things, your month end AP balance could well be over or under stated, and you would need to post compensating journals elsewhere.

Thanks (1)
avatar
By JKnight
25th Oct 2016 14:05

Using a supplier account won't work as you will unable to post a purchase invoice to a bank account.

You could post the purchase of USD as a bank transfer from the £ bank to the $ bank account.

Thanks (1)