Example: UK Business Accepting Payment in Pound Sterling and Euros

1. Open the Settings menu and choose Currency.

The Currencies window appears.

2. Set Pound Sterling as your base currency, using the drop down list.

3. Select Pound Sterling (number 1 on the list) and click Edit.

4. Enter the exchange rate for euros into pounds in the æ1 euro =Æ box. (In this example, we have used a rate of 0.787.)

Because the exchange rate fluctuates, you must agree a rate or set a time (e.g. the open or close of the dayÆs trading) with your customers to enter an up-to-date exchange rate. You must enter this figure following the steps 1 and 3, when you receive the payment.

If you are accepting currencies which have a fixed exchange rate to the euro, for example, the French Franc or Dutch Guilder, you must select the æfixed euro exchange rateÆ box. This would grey-out the æ1 Pound Sterling =Æ box and enable the æ1 euro =Æ box. You must enter the fixed exchange rate and the currency conversion is calculated automatically.

5. To save your changes and exit, click OK, or to exit without saving click Cancel.

You have now fixed the exchange rate between euros and pounds.