Handling Multiple Currencies Within Your Accounting Software
Posted on: November 10, 2014 | By: Craig Thompson | Intacct
Handling foreign currencies when accounting for a single entry can be very simple. Each asset or liability account is able to have its own currency and when money is transferred through accounts you simply use the exchange rate that is in effect at the time of the transfer. Yet when requiring more than one entry, which is almost always the case, handling multiple currencies within your accounting systems can get quite confusing. Not only must you handle multiple accounts, you are required to also work around a variety of foreign exchange gains and losses which change multiple times a day. Keeping up with multiple currencies can be stressful and most of all, entirely time consuming. Luckily, when accounting in the cloud, multi-currency management is built in, which means less time spent on daunting currency conversions.
For companies who have vendors and customers around the world, or who have entities, subsidiaries and business units in several countries, cloud accounting software such as Intaact provides a great investment towards multi-currency support. Just a few cool Intacct features include:
Ability to track gains and losses- Intacct supports Cumulative Translations Adjustments which means currency translation gains and losses can be mapped and tracked over time.
Supports unlimited transactional currencies- No limit on transactional currencies allowing for an unlimited amount of international business.
Currency translations in real time- Automated gain/loss computations and currency translations in real-time, guaranteeing instant accuracy.
Transact in unlimited functional currencies- Allow entities within different countries to operate in their native currency, while consolidations occur in the currency of the parent company.
There is no reason that you should have to endure the tasks of handling multi-currency issue alone. Intacct offers a variety of multi-entity and multi-currency capabilities to save you stress and time, all which mold to general accounting standards and regulations. Cloud accounting software, such as Intacct, also include a variety of other features and add-ons that can help your multiple entity business succeed and grow. Contact Logan Consulting to discover more about what Intacct’s multi-entity capabilities can do for you.
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