Do business internationally and manage international subsidiaries. Conduct business globally using advanced currency management features to support international subsidiaries, vendors, and customers. Automatically compute realized and unrealized gains and losses, perform account revaluations, and complete financial statement translation. Multiple currency features propagate through all Acumatica financial modules.
Automatically calculate realized gains and losses from foreign currency transactions including payments received, payments issued, and fund transfers between accounts. Capability to Create adjusting entries for unrealized currency exchange gains and losses. Automatically prepare auto-reversing entries in the GL for all open documents recorded in foreign currencies.
Manage subsidiaries operating in a foreign currency or prepare your financial statements in a foreign currency – translation of the trial balance follows FASB-52 standards. Automatically calculate translation gains and losses. Automate the consolidation of financial statements from multiple subsidiaries in combination with the GL module.
Revalue General Ledger accounts denominated in a foreign currency. Adjust the value of the base currency and posts the appropriate currency gain or loss transaction.
Assign different rate types to vendors and customers that use the same foreign currency. Currency Management supports an unlimited number of currencies and rate types. Exchange rates can be updated at any time.
Configure the number of decimal places for each currency.
Automatically compute rounding differences sensitive to desired decimal precision. Rounding differences are automatically posted to a designated GL account.
Create detailed analytical reports of gains and losses. Assign accounts and sub accounts for each currency to track realized and unrealized gains and losses, translation gain and loss, revaluation gain and loss, rounding gain and loss.
Calculations use the transaction date and the rate type for the subject transaction. Manual rate overrides will receive a warning if the entry exceeds the acceptable rate variance.
Predefined reports monitor the history of currency rates as well as translations and revaluations performed.
Create a complete audit trail of all currency related transactions including the ID of the user who entered the transaction and the user who modified a record. Notes and supporting electronic documents can be attached directly to the transactions.
"Power Storage Solutions is not missing a beat, thanks to our decision to go with Acumatica.“
VP of Operations, Power Storage Solutions
"While our competition struggles to adapt, our team has been able to work anywhere and maintain business continuity under any scenario because we’re running PennAir on Acumatica in the Cloud"
CEO, PennAir
“I am really thankful we have Acumatica in place right now. If we had been still operating from the old platform, we would have had some significant challenges with people working from home and staying connected. Keep up the good work!”
Owner, Craster
