How to add a new Foreign Currency
Guidance on how to add a new currency in the Sage Pastel software.
(Guide for Pastel Partner 14, but older versions will loosely follow the same method).
This guide only applies if you are licensed for the 'Multi-Currency' add on module. Currencies are not available in the base version of the software.
Please note, Multi-Currency is not available in Pastel Xpress.
- To begin, go to 'Setup > Company Parameters'.
- Now go into the 'Multi-Currency' tab, this is where your current currencies settings are.
- You need to fill in the next available row for the currency you want to set up. The description, the revaluation account to use, the variance percentage (this means the maximum amount you can change the exchange rate to, for example if the exchange rate is 1.5 and the variance percentage is 5%, you cannot make the exchange rate go higher than 1.575), the separate, the decimals and the currency Symbol.
- Once you have created your currency, you now need to set the exchange rates. Go to 'Edit > Exchange Rates'
- Fill in the average exchange rate per period in the grid here (you can change the exchange rate at the time of the transactions (invoice, journal, etc) to be more accurate - this is just a period average).
- You will now be able to setup customers, suppliers, general ledger accounts and bank accounts with your new currency.