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openBLUE’s Multi-Currency features include the following areas:
If applications claim to support multi-currency, they usually support only multi-currency transactions, but often don’t even support foreign currency Bank Accounts (they are balanced in foreign currency rather than your accounting currency). The Euro requires certain precision and rounding rules and countries like France require special handling of rounding differences.
Some applications provide the ability to account your transactions in more than one currency. This is required, when translating would result in unacceptable currency gain and losses (e.g. countries with unstable currencies) or you want to eliminate Euro rounding differences. Some applications have parallel functionality for multi-accounting, but their multi-currency accounting results in unnecessary overhead.
openBLUE provides full support for all aspects of multi-currency functionality (e.g. price lists, preferred customer currency, etc.), and there is no need to copy or replicate transactions. A transaction may have one or many accounting currencies. Starting, switching and discontinuing a currency is easy due to lack of a primary accounting currency. All accounting currencies are on the same level.
In contrast to many applications, the EMU Currencies are not handled with the overhead as dealing with a currency with flexible exchange rates. As trade becomes more and more global, multi-currency features become important. As most applications support this area with restrictions, you keep all your options open with openBLUE.
"Multi-Currency" is part of the openBLUE Professional line of products, developed by KnowledgeBlue LLC.
openBLUE Professional is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.