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.
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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.
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.