Want to operate businesses globally with better Currency Management?

A business might be operating from different parts of the world. To keep track of worthier achievements, currency management is the most critical subject for businesses. With proper currency management, businesses can maximize their returns on foreign markets. Exchange rates are volatile, which can affect investment returns and pitfalls. Acumatica ’s Currency Management module of the Financial Management Suite helps businesses to develop a disciplined outlook in dealing with multiple currencies.

The main features of the Currency Management module of Acumatica are:

• Multicurrency Projects:

In Acumatica, users can define and track their projects in the project currency, which can differ from the base currency of the business. With this, users can track the costs, revenues, and project profits and manage the multicurrency documents.

• Calculation of Realized and Unrealized Gains and Losses:

Acumatica #ERP is designed to automatically calculate the realized gains and losses. So, the system calculates the realized gains and losses whenever a payment is received or a credit memo is applied. Similarly, the system calculates the unrealized gains and losses whenever the AP documents are re-evaluated to determine the present value of open documents in foreign currencies.

• Translation of Financial Statements:

The translation of financial statements gives businesses the power to efficiently process the reconciliation of financial statements in terms of their local or functional currencies. Since confidentiality is one of the key elements in such subjects, users can get total discretion with controlled access.

• Infinite Currencies:

By enabling the Multicurrency Accounting feature in Acumatica, businesses can define the unlimited number of currencies in the Currencies (CM202000) form and their respective rates on the Currency Rates (CM301000) form. Hence, it makes it easy to carry out the transactions in multi-currency and check out the exchange rates transparently so that the businesses can have an overview of how much the transactions have been recorded in the base currency.

GerminIT now provides a complete cycle into tailoring custom business planning ERP software services for Acumatica, which are industry-specific. Contact our Acumatica experts today!