Setting Up Redant for Foreign Currency Transactions

Setting Up Redant for Foreign Currency Transactions

This guide explains how to configure RedAnt to process foreign currency transactions and export the correct VAT codes to Sage or Xero.

Sage / Xero Export VAT Code Setup

  1. From the Redant Main Menu, navigate to:

    Maintenance > Setup > Defaults

  2. Select VAT Codes from the menu at the top of the window.

  3. If using Sage Accounts, enter the appropriate Sage VAT "T" codes for:

    • Non-EU Exports
    • EU Exports
    • EU Purchases
  4. If using Xero, enter the VAT descriptions exactly as they are defined in your Xero accounting system for:

    • Non-EU Exports
    • EU Exports
    • EU Purchases
  5. Click Close, then Save.


Customer and Supplier Setup

  1. From the Redant Main Menu, navigate to:

    Modules > Maintenance > Customers or Modules > Maintenance > Suppliers

  2. Create a new customer/supplier or open an existing record.

  3. Enter a valid VAT number where applicable:

    • Required for EU customers or suppliers located outside the UK.
    • For customers or suppliers outside the EU (for example, the USA), leave the VAT Number field blank.
  4. Set the VAT rate as follows:

    Customers

    • UK customers: Use the appropriate UK VAT rate.
    • EU customers outside the UK with a valid VAT number: Enter 0% VAT.
    • EU customers outside the UK without a valid VAT number: Enter the current UK VAT rate (20%).
    • Customers outside the EU: Enter 0% VAT.

    Suppliers

    • EU suppliers outside the UK: Enter 0% VAT.
  5. If the customer or supplier is located in the EU but outside the UK, tick the EU VAT checkbox.

  6. If the customer or supplier is outside the UK, select the appropriate Country Code.

    • All standard EU country codes are available from the country drop-down list.

    • To add a new country, select:

      Setup > Country

      and add the required country to the grid.

  7. Enter a Currency Code.

    • Do not enter a currency code for UK customers or suppliers. Leave this field blank.
    • Select the currency agreed for trading with the customer or supplier.
    • If transactions will be carried out in Pounds Sterling, you may choose GBP.

    To add a new currency:

    Setup > Currency

    Enter:

    • A simple currency code, for example:
      • EURO
      • USD
      • YEN
    • A currency description
    • An exchange-rate multiplier

    Example

    If the Euro exchange-rate multiplier is set to 1.12, then:

    • £100 × 1.12 = €112

Working with Foreign Currency Transactions

When entering:

  • Quotations
  • Job Orders
  • Purchase Orders
  • Invoices

Always enter values in UK Pounds (£), exactly as you would for a UK customer or supplier.

Redant automatically converts these values into the customer's or supplier's selected currency when the document is printed, emailed, or otherwise produced.

This approach ensures that all internal pricing is maintained in a consistent base currency while allowing customer-facing documents to be presented in the agreed foreign currency.


Currency and Exchange Rates

When creating new quotations, orders, invoices, or other transactions:

  • The currency code is automatically taken from the customer or supplier record.
  • The exchange rate is taken from the Currency table.

These values can be changed at any time within individual records if required.

Changing Currency on a Job Order

  1. Open the Job Order.
  2. Click the underlined Price Per Unit link.
  3. The Currency and Exchange Rate window will open.
  4. Enter the required currency and exchange rate.

Currency Transfer Between Modules

Currency information and exchange rates are automatically carried forward through the workflow:

Quotation → Job Order → Invoice

The currency and exchange rate used on the quotation are transferred automatically to subsequent documents.

Although transferred automatically, the currency code and exchange rate can still be modified independently within each module if required.