Multicurrency Capabilities Features and Functions

• Accommodates multiple currencies for transactions, accounting, and financial reporting


• Manages and updates ledger in multiple currencies


• Exchange rates defined automatically or manually


• Converts currency automatically, based on the functional currency for a set of books


• Converts currency at present exchange rate


• Converts currency using spot rate


• Converts currency using average rate for an accounting period


• Converts currency using historical rate for an accounting period


• Converts currency at point of transaction


• Translation of actual or budget balances or prior year balances


• Defines different rate options including daily, period end, historical, and weighted average


• Complies with generally accepted accounting principles (GAAP)


• Records gains and losses


• Automatically determines unrealized gain or loss due to fluctuations in currency rates


• Remeasurement and revaluation processing


• Import process also cross-references accounts and converts currency


• Revaluates foreign currency accounts


• States prior results with a different historical exchange rate


• Compliance with section 1650 of the CICA handbook regarding unrealized and realized gains in foreign exchange


• Foreign exchange gain/loss for reporting


• Separate management reporting from statutory reporting. As a result management reporting would be created using information from different legal entities


• Automatically restates, at a new exchange rate, consolidated multi-currency financial information (for prior year actual, current year budgets, and forecasts) that are in the system at a different exchange rate and then quantify what the difference was due to the change in foreign exchange rates


• Translates and determines current month's consolidated financial results as the difference between the current year to date at one foreign exchange rate and the prior month year to date at a different foreign exchange rate; and reports this difference as the current month's activity


• Euro currency