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Currency Manager
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AdaptAccounts source code accounting software for Microsoft SQL Server

 


Currency Manager

Multiple currencies. You can maintain any number of Currencies.

Daily rates. AdaptAccounts for SQL Server 2012 supports maintaining Currency Rate by Effective Date. Posting new Currency Rates every day is not mandatory however, since the system uses the closest date when a specific date is not available. For relatively static currencies, such as managed currencies pegged to your base currency, you can simply enter new rates in the event of a change.

Click here for a sample screen-shot for "Currency and Rate maintenance".

Currency Rate is specified per transaction. The Currency Rate used for a transaction is preserved with the transaction.

Currency offset accounts. This enables you to maintain the details of foreign currency transactions in that foreign currency with currency adjustments posted to an associated currency offset Account. This enables reflecting currency effects in Financial Statements without disturbing the original Accounts.

Click here for a sample screen-shot for "Currency Offset Accounts maintenance".

General Ledger effects when Currency Manager is installed. Journal Entries originating from Receivables and Payables are aggregated by CurrencyID and Currency Rate (in addition to other standard criteria) e.g. all transactions aggregated have the same CurrencyID and Currency Rate. These Journal Entries incorporate the currency adjustments determined by that Currency Rate within the Journal Entry itself. This means that these currency adjustments are immediately reflected in the General Ledger as the Journal Entry is posted.

Accounts Receivable effects when Currency Manager is installed. Each Subledger control account specifies its Currency. All transactions in a Subledger are denominated in that currency so that Customer statements, for example, are properly reflected in that Currency.

Accounts Payable effects when Currency Manager is installed. Each Subledger control account specifies its own Currency. All transactions in a Subledger are denominated in that Currency so that Accounts Payable Trial Balances, for example, are properly reflected in that Currency.

Sales Orders can "lock in" a specific currency rate or have the system use the applicable rate in effect when the Sales Invoice is issued.

Purchase Orders can "lock in" a specific currency rate or have the system use the applicable rate in effect when the vendor's Purchase Invoice is processed.

Revalue Balance Sheet Currency Accounts task supports generating currency adjustment transactions for Balance Sheet accounts denominated in a foreign currency, into their associated currency offset accounts, so that Currency fluctuations are properly reflected in Financial Statements.

View Currencies and Rates task supports convenient viewing of Currencies and Currency Rates by Effective Date for users without maintenance permissions.

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