Currency Management
Currency management isn’t just about automating calculations while working in different currencies around the world. It’s also about minimizing financial risk when currency values change dramatically. Acumatica Currency Management enables easy tracking of gains and losses and taking steps to protect financial health.
How Acumatica Currency Management Can Work for You
Acumatica Currency Management helps increase the volume of international business while staying in control of finances. Advanced features help support all international subsidiaries, vendors, and customers.
Automatically compute realized and unrealized currency gains and losses, perform account revaluations, and translate complete financial statements. These powerful features are available throughout all Acumatica financial modules.
Key benefits of Acumatica Currency Management
Calculate Realized Gains and Losses
Automatically calculate realized gains and losses from foreign currency transactions including payments received and issued along with funds transfers between accounts.
Transact in Multiple Base Currencies
With multiple base currency support, separate companies can transact in their preferred base currency. Consolidated reporting is enabled across the different companies and currencies.
Translate Financial Statements Automatically
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.
Adjust Unrealized Gains and Losses
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.
Important Features of Acumatica Currency Management
Acumatica supports accounting for foreign currency by allowing users to revalue General Ledger accounts denominated in other currencies.
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.
Support multiple base currencies and consolidate reporting across companies with different base currencies.
- Acumatica Currency Management allows for configuring the number of decimal places for each currency.
- Invoices issued in different currencies can be rounded by different rules.
- Automatically compute rounding differences sensitive to desired decimal provisions.
- Rounding differences are automatically posted to a designated GL account.
- Create detailed analytical reports of gains and losses.
- Assign accounts and subaccounts for each currency to track realized and unrealized gains and losses, translation gains and losses, revaluation gains and losses, and rounding gains and losses.
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 established 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.
- Select from a predefined list of currencies included in the ISO 4217 standard for use in Acumatica.
- Currencies will display with the proper currency symbol.
