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The Multi-Currency Module allows companies that do business outside their country’s borders a way to take and place orders in currencies other than their own. The key features are
Currencies are easily added as a code definition and are then immediately available to be assigned buy and sell rates. Any one currency may be established as the “base currency”. General ledger transactions and financial reports are done in the base currency.
Exchange rates use a straightforward method to allow them to be quickly updated. Active currency rates may be changed until such time as they are used. They then become locked until a new set of rates is added. A history of rate changes is kept and provides an overview of how those rates change over time.
Colorful 2D or 3D charts show trends in rate changes in days, weeks, months or years. Customers and suppliers may be assigned currency codes. Sales and purchase documents will then automatically default to that currency when used with those customers or suppliers.
Currency codes may be assigned by location if customers and suppliers have more than one location.
Sales and purchase orders can be displayed in the currency in which they were written or in the base currency of your company.
The difference in value between when an order was taken or placed and the current value based on rate changes can be displayed.
Making and receiving payments using a foreign currency is supported. Special general ledger accounts are used to post variances due to currency fluctuations when making purchases or sales.
Both the A/R Receivables and A/P Payables reports have options to be run for specific currencies.
An Exchange Variance report provides a summary of currency variations that occur, for example, between when an invoice is written and when payment is received. The numeric calculator will allow currency conversion calculations to be made on the fly.
"Multi-Currency" is part of the ALERE Accounting line of products, developed by TIW Technology.
ALERE Accounting is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.