Multi-currency accounting is based on the double-entry accounting method and can also manage accounts and transactions in foreign currencies.
Many topics of the multicurrency accounting are the same as the double-entry accounting. In order to find missing lessons or in-depth information, we advice you to consult our internet pages on the Double-entry accounting.
- Manages the estate accounts (Assets, Liabillities) also in foreign currency; the accounts that are part of the Profit/Loss statement can only be managed in basic currency.
- Calculates the conversion automatically, based on the exchange rate inserted in the Exchange rate table
- Calculates the exchange rate differences automatically
- Offers Balance Sheets and Profit and Loss Statements in a second currency as well.
Chart of accounts, file properties and exchange rates table
We suggest to choose one of the already configured examples and to personalize it according to your needs. Please note that the chart of accounts must include the account for profit and loss from exchange rate variation and there must be accounts in foreign currencies.
- Setup the chart of accounts
- Groups and subgroups
- File properties - foreign currencies tab
- Setup the exchange rate table
Accounting transactions must be entered in the same way as the double-entry accounting transactions