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MULTIPLE CURRENCY MODULE

The Online Accounting Multi-Currency Management module provides multinational entities with the controls for international currency standards, foreign currency transactions for selected customers and vendors, and full currency gain and loss impact calculations which automatically flow to financial statements. The accounting system multi-currency capabilities empower you to control the way you do business on a global scale.

MULTI-CURRENCY BENEFITS

  • Define as many currencies, exchange rate types and exchange rates as desired
  • Create exchange rates by date or schedule exchange rates for date ranges
  • Use common or separate currency transaction rates for buy transactions, sell transactions or any individual transaction document
  • Setup default currencies and currency rates for vendors and customers for fast and error-free transaction entry
  • Automate realized and unrealized gains and losses due to currency fluctuations
  • In a single click post gains and losses to the general ledger
  • Easily comply with international currency standards such as FASB 52, international standards 21 and BASDA
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CURRENCY RECORDS

Foreign currency record management permits user-defined currency categorization and extensive G/ L account and class designations for automated unrealized and realized currency valuation and balance adjustments. Realized gain and loss transactions are associated with vendor payments and customer receipts and used to adjust the change in the base value of a transaction between the invoice and payment period. Gains and losses automatically default to the designated G/ L accounts when posting the balances to the general ledger.
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CURRENCY MANAGEMENT

Multi-currency management permits company configuration options to setup currency information, establish the base currency and designate data entry default and control options. User override controls designate whether customer, vendor or general ledger account currencies are maintained or can be modified at transaction entry. Date effective document transaction configuration provides the utmost flexibility for currency rate selection.
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CURRENCY REVALUATION

Accounting system multiple-currency management allows the recording of order, invoice, procurement, voucher, disbursement, inventory, job and G/ L transactions in the currency of choice. Currency revaluations and realized and unrealized gains and losses are automatically calculated and included in financial statement presentations.
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CURRENCY RATES

Accounting system multiple-currency management allows the recording of order, invoice, procurement, voucher, disbursement, inventory, job and G/ L transactions in the currency of choice. Currency revaluations and realized and unrealized gains and losses are automatically calculated and included in financial statement presentations.
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CURRENCY RATE TYPES FLEXIBILITY

Foreign currency types are used in the currency rate table to establish exchange rates between two currencies for given effective date. For example, if the rate to be used for accounts payable documents is different from the rate to be used for accounts receivable documents, you could enter both of those rates in the rate table for the same currency and effective date, but assign them different rate types.

OTHER MULTIPLE CURRENCY CAPABILITIES

  • Flexible currency rates:

    Multi-currency management permits an unlimited number of currencies and exchange rates per currency. Specific rates can be crated for unique companies, customers,contracts or orders if needed

  • Flexible currency types:

    Use and maintain current or date effective exchange rates or create custom rates for specific accounting system modules or financial transactions as desired

  • International compliance:

    The accounting system multi-currency module can be configured and operated to accommodate internationalstandards for accounting and reporting, including FASB 52 and BASDA standards

  • Ease of use:

    Create financial transactions in as many user-defined currencies as desired throughout the online accounting system. Foreign currency designation automatically defaults for customers and vendors. Currency management permits mass updates to many currencies at the same time by adjusting default and configuration values

  • Business process automation:

    User defined business workflow rules can send real-time e-mail or other alert notifications based on currency movement, currency fluctuation or financial statement impact

  • Multi-currency reporting:

    Present multiple currency activities and transactions in summarized or detailed financial reports or translate reports into foreign currencies for distribution to other global operations

  • Customizable:
    Multiple currency management and related currency pages can be customized is a visual drag-and-drop interface. Custom fields can be added, unused fields can be removed and the page layout and design can be arranged as desired
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