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Manage multiple currencies throughout the system, including payables and receivables, general ledger reports, resource and inventory items, and bank accounts (when integrated with the Cash Management granules). With Multiple Currencies, you can:

  • Enter exchange rates and convert currency in full compliance with euro legislation (including “triangulation”) in the European Monetary Union (EMU) countries. Triangulation is the required method of currency conversion during the transitional period of the euro.
  • Perform currency conversion according to exchange rates that are stored and maintained in the exchange rate table.
  • Set up a currency in the exchange rate table and specify the format so that amounts will always be shown in the correct format onall forms and reports throughout the system.
  • Enter exchange rates for a date or for a period in the exchange rate table.
  • Calculate the exchange rate associated with the date on the transaction for each conversion of a currency amount to a local amount.
  • Save historical exchange rates in the exchange rate table to keep track of fluctuations over a period of time.
  • Transact business in any number of currencies for any customer and vendor. For example, companies can issue an invoice in one currency and accept payment for that invoice in a different currency.
  • Manage currency conversion dynamically and help ensure efficient processing of exchange rate updates.
  • Store details of transactions involving receivables and payables in local and foreign currencies so that aging and reports for receivables and payables can be printed in local or foreign currency.
  • Use the Exchange Rate Adjustment option to adjust receivables and payables and post unrealized gains/losses to the general ledger.

At payment, gains/losses are realized, and corresponding postings are made in the general ledger. If you use an additional reporting currency in the general ledger, the Exchange Rate Adjustment option also adjusts the general ledger according to your setup for each general ledger account.