Multicurrency accounting software facilitates buying and selling internationally. You can trade in multiple currencies.
The Open Payables report, Aged Payables reports, and AP Invoices list allow currency selection, so you can see how much you owe in each currency. Similarly the Aged Receivables reports and AR Invoices list show how much is owed to you. The multicurrency reports also show foreign currencies converted to domestic.
You set up at least one bank account for each of the currencies you deal in. The Bank Book shows transactions and balances for each account. Foreign currency accounts are converted to domestic currency automatically (AutoForex option) or by auto-reversing JV prior to printing financial statements.
The accounts payable software has a multicurrency option to AutoCreate payments for all invoices due for a selected currency.
Multi currency accounting: the GL shows revenue and expenses converted from foreign currency to domestic. Gain or loss due to exchange rate fluctuations is tracked automatically.
The default selling price is (optionally) automatically converted to the customer's currency.
Foreign currency inventory purchases are converted to domestic currency when updating inventory costs.
The sales analysis reports, charts and sales history screen show foreign currency sales converted to domestic currency using the exchange rates when the invoices were posted.
The purchases history reports and history screen show foreign currency purchases converted to domestic using the exchange rates when the receipts were posted.
The sample data illustrates multicurrency accounting.
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