The latest version of  Sage 50, version 2014 has been upgraded to account for both Foreign currency transactions and Vat on a cash receipts basis (ie VAT Cash Accounting). Previous versions of the software handled both of the above scenarios separately but not at the same time.

Businesses  fulfilling specific criteria and whose annual turnover is less than €1.25 million may opt to account for Vat on a cash receipts basis rather than an invoice basis with resulting cash flow benefits. Many small Irish companies, whose turnover is under the threshold, and conduct trade in either Sterling or US Dollars can now account for VAT on a cash receipts basis in the latest version of Sage 50. The Vat amount in Euro at the time the invoice is raised is the amount which appears on the Vat return regardless of the exchange rate at the time the money is received from the customer.

If you would like to upgrade to Sage 50 2014, please contact jdoyle@synergynet.ie for further information.