Sage Pastel • Overview of Multi Currency

Sage Pastel • Overview of Multi Currency

Overview of Multi Currency

Pastel Multi Currency

Pastel lets you process with multiple currencies. You can create up to 30 currencies. Pastel has the following multi-currency capabilities:

  • You can create foreign currency customers, suppliers, and bank accounts. You process these accounts in their own currencies.
  • You can create and update exchange rate tables for each currency at any time.
  • To cater for currency fluctuations, you can run a currency revaluation in the Process…Foreign Currency Revaluation menu option.
  • You can produce financial statements and other reports in any of the created currencies.
  • You can levy tax on foreign currency transactions if necessary.

You must set up multi-currency parameter information before you can process in multi-currency.

Here is a brief summary of the process:

  • You enable multi-currency processing and set up currencies in the Setup…Company Parameters menu option, in the Multi-Currency tab.
  • You then enter and maintain (update) exchange rates tables in the Edit…Exchange Rates menu option. This way your rates are always up-to-date.
  • When entering journal transactions or preparing documents for foreign currency accounts, Pastel calculates the prevailing exchange rate to use. However, you can override this exchange rate if necessary.
  • You can revalue the outstanding foreign currency at any time in the Process…Foreign Currency…Revaluation menu option.
  • You can also produce special currency reports in the View…Foreign Currency menu option.

In addition, in the general ledger report writer facility, which allows you to create customised reports, you can select a currency to use for the report.

Euro Processing

If you are in the European Monetary Union (EMU) or least you deal with customers or suppliers who are in the EMU, you need to set up euro processing. In addition to the above capabilities:

  • You can maintain customers, suppliers or bank accounts in either the euro or your own country’s currency.
  • You can produce financial statements and other reports in euro.
  • Your country’s currency and other EMU currencies are fixed relative to the euro and transactions are translated via a process called triangulation. For details of EMU processing, click here.

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