Multiple Currency Management

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Multiple Currency Management in Automotive Industry

The system allows for users to manage multiple currencies. This includes sales and purchases, resource and inventory items, bank accounts, and general ledger reports. Currency conversion is easily performed as per the exchange rates stored and maintained within a specified currency rate list. A history of exchange rates can also be saved so that fluctuations over any given time period can be tracked.

Organizations also acquire the ability to transact business in a variety of currencies for any given vendor or customer. For instance, companies may issue an invoice in a certain currency, and in turn accept payments for that particular invoice in a different currency.
The multicurrency feature is meant to help organizations:
  • Add additional currency for analytics as per general ledger activity, which includes reporting capabilities

  • Process transactions made from customers, vendors, and exchange rate records using a different currency than the local currency

  • Perform consolidation in subsidiaries that operate in currencies that are different of the parent company
The ways in which organizations with global operations can benefit from the multicurrency functionality are mentioned below:
  • Reports can be presented in different currencies

  • Entries can be posted and entered in any currency

  • Gains and losses for realized and unrealized foreign exchanges can be calculated and adjusted automatically