About Converting to Euro

If your company is based or operating in the euro zone (that is, a member country of the European Monetary Union), and you want to maintain accounts and financial statements both in euro units and national currency units, the Company Profile screen in Common Services provides options that let you:

• Select the euro as your functional (home) currency
• Select your national currency as a reporting currency.

Sage 300 ERP supports the euro but does not provide a conversion utility to automate the transition from a previous functional currency to the euro. If you already have a Sage 300 ERP General Ledger in another currency, and you need to convert your functional currency to euro, you must set up a new general ledger by:

1. Printing your old general ledger in your home currency to ensure that you have all closing balances on hand.
2. Creating a new general ledger, selecting the euro as your functional currency and designating a reporting currency. Your new general ledger can be set up with any starting date for the fiscal year as long as you enter opening balances with detail lines later than January 1, 1999.

3. Using the closing balance from all financial reports to enter opening balances in euro.

   You can add opening balances to the first period of the new fiscal year. If you convert to the euro immediately after closing a year, you need to transfer only balance sheet balances to the new general ledger.