In today\’s interconnected global economy, businesses of all sizes are increasingly engaging in international transactions. Whether it\’s sourcing materials from overseas suppliers, selling products to customers around the world, or managing a multi – national workforce, dealing with multiple currencies has become a norm. This is where Sage Intacct\’s multi – currency features shine, providing a comprehensive and efficient solution for businesses navigating the complexities of international finance.
Automated Currency Conversions
One of the most time – consuming aspects of multi – currency accounting is calculating currency conversions. Sage Intacct simplifies this process by automating currency conversions using up – to – date exchange rates. The software can automatically pull in daily exchange rates from reliable sources like Oanda, ensuring that your transactions are always recorded at the most current rates. This not only saves your finance team countless hours of manual calculations but also reduces the risk of errors associated with manual data entry.
For example, if your company is based in the US but has a significant number of sales in euros, Sage Intacct will automatically convert the euro – denominated sales amounts to US dollars at the prevailing exchange rate. This seamless conversion process is applied across all transactions, including sales invoices, purchase orders, and expense reports.
Multiple Currency Support for Transactions
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Sage Intacct allows your team to create transactions in different currencies with ease. Whether it\’s a sales transaction in British pounds, a purchase in Japanese yen, or a cash book entry in Australian dollars, the software supports a wide range of currencies. You can also manage multiple currencies for the same customer or supplier account. This means that if you have a customer who makes payments in different currencies over time, Sage Intacct can handle it without a hitch, keeping your data organized and accurate.
Moreover, when entering transactions, you have the flexibility to either use the automatically retrieved exchange rates or set up and control monthly exchange rates according to your business needs. You can even amend the exchange rate per transaction, perhaps to reflect a negotiated contract rate, and the software will hold the exchange rate, transaction amount, and base currency amount for audit and analytical purposes.
Revaluation Reports and Journals
At the end of each month, businesses need to account for the impact of fluctuating exchange rates on their open transactions. Sage Intacct simplifies this process by generating revaluation reports and journals for open sales and purchase invoices. These reports show unrealized gains or losses due to currency rate fluctuations between the invoice date and the month – end.
For instance, if you issued a sales invoice in euros a few weeks ago and the euro has depreciated against your base currency by the month – end, the revaluation report will clearly indicate the resulting unrealized loss. This information is crucial for accurate financial reporting and helps you make informed decisions about your international business operations. The revaluation journals can then be used to adjust your accounts and ensure that your financial statements reflect the true value of your open transactions.