As a business transacting in multiple currencies, you will appreciate the effortless usability of Acceasy in this area.
Say, you make purchases from a supplier, and transact in a currency different (say $) from that of your base currency (say INR). You’d like to keep track of the dollars due, as well as the $ amounts due for each bill. This way you get to know your foreign currency requirements as well as cross check the accounts in $.
At the same time you would want to see outstanding and other financial reports in INR. Since this figure depends on the exchange rate as on the date of the report, generating these are time consuming. With Acceasy all reports are generated automatically – all that is needed is that the forex rates be available for reference.
Foreign exchange gain & loss entries are ‘posted’ automatically (as a notional entry), whenever any report is taken. The day you decide to make these entries regular (say end of the financial year) you can post the required accounting Journal (with software assistance).
Importers and exporters maintain bank, customer & other accounts in foreign currencies (like the example of the supplier) – you can maintain these in any currency required.
As a branch or subsidiary of a foreign entity, or for reporting, you may need to generate reports in a currency other than the base, at some exchange rate. This capability is available across all reports.
You may need to compare companies having different base currencies – switch one company to use the currency of the other, or switch them both to a third!
Basically, every amount field in a Acceasy voucher is multi-currency enabled. This allows you to conduct business in ways that manual systems permit and most IT systems fail to provide. It is possible for a supplier to, say, send a quote for items in INR, some in US$ and some in €.