Will Sage 50 multi-currency accounts and balances convert to QuickBooks?
Yes, they can convert, but multi-currency must be turned on in QuickBooks before the data arrives, and rates and revaluations need care.
Yes, multi-currency accounts and their balances can be converted from Sage 50 to QuickBooks. One condition decides the whole job: the QuickBooks company receiving the data must have multi-currency enabled before anything moves. Our engineers plan the conversion around that switch, and around how rates, home-currency balances, and revaluation entries will land.
Does multi-currency have to be enabled first?
It does. QuickBooks treats multi-currency as a one-way setting: once it is on, it stays on for the life of the file. The reverse is the problem. If foreign-currency accounts arrive in a file where the setting is off, QuickBooks has nowhere to put the original currencies, and the balances get forced into your home currency.
Not every edition and plan includes multi-currency, so confirm the destination supports it before the conversion starts. Recovering from a wrong setting usually means starting over in a fresh company with multi-currency on, which is far more work than enabling it up front.
What happens to exchange rates and home-currency balances?
Every foreign-currency account in Sage carries two figures: the balance in its own currency, and the home-currency equivalent calculated at the stored rates. Both have to survive the move. QuickBooks records an exchange rate on each transaction rather than holding one rate per account, so the conversion maps your Sage rates onto the transactions behind each balance.
How exactly the historical rates carry depends on the file: how many currencies are in use, how far back the history goes, and how consistently rates were entered in Sage. That is one of the first things we check in an evaluation.
How are revaluation entries handled?
Sage tracks unrealized gains and losses through revaluation entries. In QuickBooks, currency gains and losses are recognized as transactions settle, and unrealized amounts are adjusted through journal entries to a gain or loss account. Our usual approach is to bring the Sage revaluation entries across as journal entries in the matching accounts, so your gain and loss history reads the same in both systems. The right treatment for your file depends on how revaluations have been recorded to date, and we confirm that during the review.
Where should you start?
Enable multi-currency in the destination company, or let us handle it as part of the work. Our Sage 50 to QuickBooks conversion service covers the full move, currencies included. Then send the file over for a free evaluation: we identify the currencies in use, confirm the destination can hold them, and map the rates and revaluation entries before quoting. The evaluation carries no obligation, and it is the safest way to know what your file will do.