Add a Foreign Vendor
To set up your company to conduct
business in a foreign currency
Step 1: Add exchange gain/loss account for foreign currencies
Step 2: Set up foreign currencies
Step 3: Add foreign currency bank accounts
Step 4: Choose linked accounts for foreign currency transactions
Step 5: Link a currency to a credit card to track customer credit card sales
Step 6: Set method of pricing inventory and service items
Step 7: Add foreign prices to inventory and service items
Step 8: Add foreign vendors
Step 9: Add foreign customers
When working with foreign currencies, you cannot change the currency associated with existing vendors: enter a new vendor record instead. When adding foreign vendors, you should also consider whether to track import duties for them.
Note: Do not select the currency when entering the invoice. Depending on whether you select a foreign vendor, Sage 50 Accounting automatically uses the appropriate currency on the invoice. Therefore, you cannot assign a foreign currency to a one-time vendor.
To add a foreign vendor:
- Create a new vendor record. How?
- In the Home window, click Vendors & Purchases on the navigation pane.
- In the Tasks pane, right-click the Vendors icon and select Add Vendor from the menu.
- Type the vendor's name in the Vendor box.
- On the Options tab, select the currency to use for transactions with this vendor.
- On the Sales Taxes tab, select the Sales Tax to add to your purchases from this vendor.
- Click Save and Close.
Typically a foreign vendor will not charge you their local sales taxes, but you will probably have to pay duty, tariffs, or taxes when your purchases are processed by your country's customs agency.
If you have turned on import duty tracking and selected an account to track it, you should enter such charges to the rate of duty that you set up in your item records. Otherwise, you can set the sales tax rate to your local rate on this tab and edit it if you need to when you enter an invoice. For more details, contact your local tax and customs authorities.