The Multicurrency module provides a comprehensive means for maintaining various global currencies and exchange rates in a company’s accounting system. Transactions throughout the system are translated from currencies and exchange rates the user defines. Multicurrency tracks foreign currency trading partners and handles all the transactions and reporting. Multicurrency requires General Ledger and Accounts Payable to be installed.
Features of Multicurrency
• Master Currency List of world’s major currencies may be expanded by user-defined custom currencies.
• User-defined exchange rates.
• Override default currency and exchange rate definitions at the transaction level.
• Support for exchange rate fluctuations during the life of a transaction.
• Freeze exchange rate support at the transaction level.
• Reports may be ordered by user-defined currency rate sort criteria.
• System provides user-definable exchange rate update warning periods and warns the user if the system is using an old exchange rate (warning may be overridden by users with appropriate privileges).
• Allows different buy and sell rates.
• Allows individual currencies to be specified at the customer and vendor level.
• Currency maintenance and transactions are controlled by the system’s powerful privilege-based security system.
• Exchange rates for receipts can now be changed at purchase order receipt and at invoicing.
• Different currencies can be used for accounts receivable receipts and accounts payable payments, allowing payments in currencies other than the invoice currency.
• Allows a company to utilize both multicurrency and multi-VAT support.
• Allows different currencies on sales order and purchase order transactions.
Multicurrency in General Ledger
• Each journal batch can have its own currency and exchange rate.
• Account balances are maintained in the company’s base currency.
• Exchange rates on unposted batches can be edited and frozen.
Multicurrency in Accounts Payable
• Assign a default currency for each vendor and change defaults at any time.
• Assign currencies to individual checking accounts and print checks in that currency.
• Define specific currencies for recurring payables.
Multicurrency in Accounts Receivable
• Assign a default currency for each customer and change defaults at any time.
• Define specific currencies for recurring billings.
Multicurrency in Inventory Control
• Assign a default currency for any inventory item with a fixed price.