Topics in Multi Currency Accounting
Multi-currency management, from simple to complex, should have functional flexibility to respond to changes in business environment or statutory regulations.
There are numerous aspects to provide flexibility. Here are some key issues when considering a multi currency solution.
Multiple currency management deals with unlimited currencies to handle even the most complex transactions of multinational companies.
Multi-currency per Line
Some enterprises may need multiple currency values per transaction line, and flexible reporting in any currency including JPY, GBP, Euro, US Dollar etc.
Currency and exchange rate tables are centrally managed
Individual Base Currency by Company
Each organization can have a separate functional currency, also called “home” or “base” currency. Account can be assigned by currency. Some companies may even have requirement for dual base currencies.
By assigning currency to the posting account, you can use multi-currency during transaction entry and posting.
You can choose the default value for currency. Flexible exchange rate management guarantees accuracy
Unlimited Rate Table:
Allow unrestricted exchange rate tables for each currency.
Set the variance of the rate prevents entry errors. This function can prevent serious mistakes in reporting.
Import from Other Sources
Using import utility, exchange rates can be imported directly from the standard source to the system
Manage Multiple Currency Debt
Net change or revaluation of period balance: Indicate unrealized gains and losses.
“What if “ Analysis
Ability to use exchange rates without adding it to the exchange rate table, you can analyze potential revaluation results