Currency Management
Currency management does more than automate calculations while working in different currencies around the world. Currency management also minimizes a growing company’s financial risk when currency values change dramatically. You can track your gains and losses and take steps to protect your financial health.
Conduct Business Globally with Currency Features for International Subsidiaries, Vendors, and Customers
Save time managing international subsidiaries and operations. Currency Management automatically computes realised and unrealised gains and losses, performs account revaluations, and translates financial statements. Operations in multiple currencies become available through all Acumatica financial modules.
KEY FEATURES OF CURRENCY MANAGEMENT
Realised gains and losses calculations. Automatically calculate realised gains and losses from foreign currency transactions entered into any financial module. This can include receiving payments from customers, issuing payments to vendors, and transferring funds between accounts.
Unrealised gains and losses adjustments. Create adjusting entries for unrealised currency exchange gains and losses. Automatically prepare auto-reversing entries in the General Ledger for all open documents recorded in foreign currencies.
Financial statement translation. Manage subsidiaries that operate in a foreign currency—or prepare your financial statements in a foreign currency. Translation of the trial balance follows FASB-52 standards. Automatically calculate translation gains and losses. Automate the consolidation of financial statements from multiple subsidiaries in combination with the General Ledger module.
We needed more granular reporting and specific functionality for our deferral accounting and consolidation. We also needed a system that was fully multicurrency… We found Acumatica to be a very good value compared to the total cost of the other mid-range ERP systems we reviewed.
–Shaun Jackson, Director of Finance, Fixnetix
Revaluation of General Ledger Accounts
Revalue General Ledger accounts denominated in a foreign currency. Adjust the value of the base currency and post the appropriate currency gain or loss transaction.
Unlimited Currencies and Rate Types
Assign different rate types to vendors and customers that use the same foreign currency. Currency Management supports an unlimited number of currencies and rate types. You can update exchange rates any time. Support multiple base currencies and consolidate reporting across companies with different base currencies.
Configurable Decimal Precision
Configure the number of decimal places for each currency.
Automatic Handling of Rounding Differences
Automatically compute rounding differences sensitive to the decimal precision you want. Rounding differences are automatically posted to a designated General Ledger account.
Complete Tracking of Gains and Losses
Create detailed analytical reports of gains and losses. Assign accounts and subaccounts for each currency to track realised and unrealised, translation, revaluation, and rounding gains and losses based on currency fluctuations.
Currency Rate Lookup
Leverage calculations that use the transaction date and rate type for the subject transaction. Receive a warning for manual rate override entries that exceeds the acceptable rate variance.
Historical and Auditing Reports
Use predefined reports to monitor the history of currency rates as well as translations and revaluations performed.
Audit Trail
Create a complete audit trail of all currency-related transactions. Include the ID of users who entered a transaction or modified a record. Attach notes and supporting electronic documents directly to the transactions.
Predefined List of Currencies
Select from a predefined list of currencies included in the ISO 4217 standard for use in Acumatica. Currencies will display with the proper currency symbol.