Streamline payments with Sage integration

TorFX pushes transaction data to your connected Sage account automatically. Transactions sync as bank feeds and are processed by Sage at the end of the day.

Conversions and Adding funds

When transferring funds into a currency wallet, the amount will be credited to your currency account in the corresponding currency. To reconcile this transaction, create a transfer from the account from which the funds were initially debited, matching the debit in your base currency account.

During the transfer creation, you have the option to add any fees associated with the currency conversion. You can either:

• Absorb the conversion cost into the exchange rate, which means the fees will not appear on your profit and loss statement. However, it is recommended to:

• Add the associated conversion fees separately. Enter the GBP amount, select "Bank Fees," and enter these fees in your base currency. Then, select the relevant expense account to recognise these fees.

Spending money, or paying a beneficiary

When you pay a beneficiary, the balance of your currency wallet will be debited to reflect the currency leaving your account.

This debit can be matched to an associated bill from the beneficiary as a bill payment, or you can create a "Spend Money" transaction to reconcile it as a new transaction.

Receiving money or topping up your wallet balance

When you receive money from a beneficiary, the balance of your currency wallet will be credited to reflect the funds being deposited into your account.

This credit can be matched to a pre-existing invoice and recorded as a payment, or you can create a "Receive Money" transaction to reconcile this as a new transaction.

You’ll initiate the connection from your Sage product.

Connecting to a bank feed may vary, depending on your Sage product.

How to connect your bank in Sage:

• Log in to your Sage product and select the option to connect to your bank.

• Choose TorFX through the search option.

• Give authorisation using your TorFX credentials.

• Select a start date to show in Sage. Note if a past date is given, previous transactions will not be synced, the sync takes place from the time an account is connected. When activated your bank transactions will flow into your Sage solution.
  

Once you've connected an account, new transactions in the TorFX currency will begin to appear in Sage. You can adjust your linked currency accounts or add new ones via your Connection settings within your TorFX account. If you wish to stop syncing your TorFX transactions, you can easily deactivate 'Bank feeds sync' from your Connection settings.

You can connect any TorFX balance in your account as long as you have enabled multi currency in your Sage account.

When syncing transaction information from your TorFX balances to connected Sage bank accounts, the following details will be sent:

• Transaction date

• Transaction type (debit/credit)

• Transaction amount

• Payee

• Reference

With the bank feed scopes granted to TorFX, it is not possible to access any personal, financial, or transactional data from your Sage account.

• Make sure your TorFX account is still correctly connected to Sage (that it was not disconnected in Sage or in your TorFX account.

• Make sure your Sage account plan has not changed.